January 30, 2025 · 2 min read
Cody Housing MarketJanuary 2025
Cody's housing market is balanced right now. That means neither buyers nor sellers hold all the cards, and the data backs that up. We're sitting at 6.6 months of supply, which is how long it would take to sell every home currently listed at the pace homes are actually closing. That's the textbook definition of a balanced market. The story this month isn't a dramatic shift. It's a market that has found a kind of equilibrium, and understanding what's underneath that calm matters more than the calm itself.
What's actually happening
There are 122 homes active on the market right now, with 19 under contract. In the last 30 days, 18 new listings came on, 19 went under contract, and 26 closed. Those numbers are close enough to each other that the market isn't building inventory or burning it down. It's holding steady.
But here's where it gets interesting. Sellers are asking about 18 percent more per square foot than what homes are actually selling for. That's not a rounding error. The active listings are averaging $288 per square foot. Closed sales are averaging $243. That gap tells you sellers are still pricing with optimism, and buyers are not meeting them there.
The days-on-market numbers confirm it. Homes that sold closed in about 36 days. Homes sitting active right now have been on the market an average of 142 days. That's not a coincidence. The homes that priced right sold. The ones that didn't are still waiting.
Year over year, the median sale price is up 12.8 percent, from $430,000 a year ago to $485,000 today. Volume is up 10 percent as well. So the market is growing in both price and activity. The typical home that sold was a three-bedroom, two-bath place around 2,000 square feet, with most sales landing between $365,000 and $645,000.
If you're buying
This is a reasonable time to buy single-family residential in Cody. Six-plus months of supply gives you options and some negotiating room. You're not competing in a frenzy. With 122 active listings and only 19 under contract, you can take a breath, look around, and make a considered offer.
That said, the gap between asking and selling prices means you need to know what things are actually worth before you make an offer. A home listed at $590,000 is not necessarily worth $590,000. Look at what's closed, not what's listed. That's where the real market is.
If you're selling
The year-over-year numbers are genuinely good for sellers. Prices are up, volume is up, and the market is active. But that 18-percent gap between asking and selling prices is a warning. If you price your home at what you hope it's worth rather than what the market is paying, you will sit. The average active listing has been on the market for 142 days. That's not a market problem. That's a pricing problem.
Price to where homes are actually closing, and you will sell in around five weeks. Price to where sellers are wishing, and you'll be looking at a long wait and likely a price cut anyway. The market will tell you what your home is worth. Price it right from the start and you won't have to learn that lesson the hard way.
Data Source
This article is based on verified residential market data recorded in the Northwest Wyoming Board of REALTORS® MLS. Market statistics and inventory levels reflect conditions in Cody during January 2025.
Whether you're considering a purchase, preparing to sell, or simply tracking local real estate trends, the REALTORS® at Richard Realty can help you interpret the data, understand current market conditions, and make informed real estate decisions.
