Cody Housing MarketMarch 2025

Last month I said Cody was balanced on paper but that the gap between asking prices and closed prices was wide enough to stall any listing that ignored it. That gap has not closed. It has grown. Sellers are asking about 22 percent more per square foot than what homes are actually selling for. In February that spread was 17 percent. It is now nearly 22. That is not a rounding error. That is a real and widening disconnect between seller expectations and what the market will pay.

Supply is driving the shift. We went from 6 months to 7.2 months in a single month, a 20 percent jump. There are 135 active listings right now, with only 23 under contract. The 30-day pipeline added 30 new listings and closed just 14. More homes coming in, fewer going out. That math tips the scale toward buyers, and it did.

Homes that do sell are taking longer to get there. The median sold home spent 47 days on market this month, up from 37 last month. Active listings that have not yet sold are sitting at a median of 104 days, down from 144 last month, which tells me some of the longest-stale listings finally moved or were pulled. The typical home that closed was a three-bedroom, two-bath around 2,100 square feet, most sales landing between $365,000 and $650,000, with a median sale price of $487,000. That median is the same as last month. Year over year it is up 9.4 percent from $445,000 a year ago, and transaction volume is up 14.7 percent over the same stretch. So the market is not falling apart. It is just shifting who holds the leverage.

This is a better month to be a buyer in Cody than last month was, and last month was already decent. Seven-plus months of supply means you are not competing against a wall of other offers on most homes. You have time to look, think, and negotiate. The median asking price on active single-family residential listings is $590,000, but the median of what actually closes is $487,000. That gap is your starting point for a conversation, not a number to accept at face value.

Where buyers still need to move fast is on homes priced right from day one. Those are the listings closing in well under 47 days. If a home is priced at or below what the market will bear, other buyers notice. Everything else, the listings sitting at 90 or 100 days, you have room to negotiate. Use it.

The market is telling sellers something clearly right now, and the sellers who hear it will do fine. The ones who do not will sit. A 22 percent gap between what you are asking per square foot and what buyers are paying is not a negotiating cushion. It is a sign that a large portion of this inventory is priced for a market that does not exist at the moment.

If you are listing in Cody this spring, the number that matters most is not what your neighbor asked. It is what homes in your range actually closed for. Forty-seven days is the median time to close for homes that sold. Homes that are overpriced are sitting at over 100 days and many of them are not selling at all. Price it right at the start and you sell. Price it high and hope to negotiate down, and you are likely to sit long enough that buyers start wondering what is wrong with it.

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 March 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.