Cody Housing MarketApril 2025

Last month I said pricing discipline had become the whole game for sellers. That still holds. What changed in April is the market moved another step in the buyer's direction. Supply went from 7.2 to 9.4 months, inventory climbed to 173 active listings, and only 35 of those are under contract. The 30-day pipeline tells the same story: 54 new listings came on, 35 went under contract, and 13 closed. More homes are coming in than going out.

The gap between what sellers are asking and what homes are actually selling for, measured per square foot, came in at 8.1 percent this month. That is a big drop from the 21.9 percent gap I reported in March. Some of that reflects sellers adjusting their prices. Some of it reflects which homes actually closed this month. Either way, 8 percent is still real money. On a $500,000 home, that gap is $40,000. Buyers are not paying ask, and the data backs that up.

The typical home that sold was a three-bedroom, two-bath, around 2,100 square feet, and most sales landed between $370,000 and $650,000. The trailing twelve-month median sale price is $495,000, up from $445,000 a year ago. That is an 11 percent gain year over year, which tells you prices have moved up meaningfully over the past year even as the market has softened in recent months. Homes that sold spent 48 days on the market. Homes still sitting active have been listed an average of 64 days.

This is a good time to be a buyer in Cody. With 9.4 months of supply, you have choices and you have time. You are not competing against five other offers on a single-family residential home the way you might have a few years back. The days-on-market gap between sold homes (48 days) and active listings (64 days) tells you that the homes priced well are still moving at a reasonable pace, so do not assume everything is negotiable to the floor. But if a home has been sitting, there is room to have a real conversation.

The asking-vs-selling gap means you should anchor your offer to what comparable homes have actually sold for per square foot, not to what the seller is asking. That is always true, but in this market it matters more than usual.

The median asking price on active listings is $599,000. The median sale price over the past twelve months is $495,000. Those two numbers do not live in the same market. If you are pricing at or above the active median, you need a very specific reason why your home is worth more than what buyers are actually paying. Inventory is rising, buyers are patient, and the homes that are selling are the ones priced closest to where the sold market actually is.

Expect 48 days or more to a closing if you are priced right. If you are not, the active-listing average of 64 days is a floor, not a ceiling. Price to the sold market from day one. Cutting the price after three weeks of silence costs you more time and usually more money than pricing honestly at the start.

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 April 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.