February 27, 2025 · 2 min read
Cody Housing MarketFebruary 2025
The market in Cody is balanced, and it barely moved in February. The median sale price sits at $487,000, up less than half a percent from last month. Supply came down slightly to six months, meaning it would take about six months to sell every home currently listed at the pace buyers are actually buying. The story this month is the same one I told in January: the gap between what sellers are asking and what buyers are paying is wide, and it is not closing.
What's actually happening
Last month I said the gap between asking and selling prices per square foot was the real tension to watch. In January it was 18.3 percent. In February it is 17.1 percent. That is a small move in the right direction, but sellers are still asking about $283 per square foot while homes are actually closing around $242. That is not a rounding error. On a 2,100-square-foot home, that spread is roughly $86,000.
The 30-day pipeline tells a quiet story. Sixteen new listings came on, fourteen went under contract, and twenty-two closed. That is a functioning market, not a frozen one, but it is not a fast one either. Homes that sold spent about 37 days on market. Homes that are still sitting have been listed an average of 144 days. That gap in timing is the clearest sign of what is happening: the right-priced homes are moving, and the rest are waiting.
Year over year, the median sale price is up 11.5 percent from $436,750 a year ago, and sales volume is up 17.3 percent. Those are real gains. But the month-to-month picture is flat, and flat is the honest read for right now. The typical home that sold was a three-bedroom, two-bath place around 2,100 square feet, with most sales falling between $370,000 and $645,000.
If you're buying
Six months of supply is the textbook definition of a balanced market, where neither side has a clear edge. But that 17-percent gap between asking and closing prices tells you something useful: sellers are still pricing to a market that is not quite here. That gives buyers room to negotiate, especially on single-family residential homes that have been sitting well past the 37-day average.
If a home has been listed for three or four months, the seller has already watched the market pass them by once. That is leverage. Use it. Come in with a number grounded in what is actually closing per square foot, not what the listing says.
If you're selling
The year-over-year numbers look good on paper, and they are. But they will not save a listing that is priced to the ask side of that 17-percent gap. The homes closing in 37 days are not lucky. They are priced where the market actually is. The ones sitting at 144 days are not unlucky. They are priced where sellers wish the market was.
If you are thinking about listing this spring, start with what is closing per square foot, not what your neighbor listed for. The gap between those two numbers is where listings go to stall. Price to reality, and you will move. Price to hope, and February's story becomes your story too.
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 February 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.
