The most likely possibility is that you have
eczema, especially if you have other areas of dry skin as well. Eczema occurs when the skin lacks certain substances that are important for keeping the skin well hydrated. This results in drying, redness, itching, and cracking of the skin.
The mainstay treatment of eczema, therefore, is to keep the skin well hydrated. You can usually accomplish this by applying a good moisturizer multiple times per day. The best moisturizers are the really thick, greasy ones, such as hydrolated petrolatum. This is because these tend to stay in place longer and protect the skin best. You should also limit your use of hot water and soaps on the area, as these will dry out the skin.
If you have some persistent spots that are red, scaly, or itchy, you may want to try applying a small amount of an over the counter topical steroid cream to these spots to further treat the inflammation.
If you try all of these things and you are still having trouble, then it would be best to go see your
primary care doctor. They can confirm whether or not the diagnosis is eczema or another condition and recommend treatments.