May 30, 2025 · 3 min read
Cody Housing MarketMay 2025
The gap between what sellers are asking and what homes are actually closing for just blew wide open. Last month it was 8 percent per square foot. This month it's nearly 25 percent. That is the story in Cody right now. Supply sits at 9.7 months, meaning if nothing new listed today, it would take almost ten months to sell everything on the market at the current pace, and the median sale price slipped to $482,500, down from $495,000 in April. Buyers have real leverage here. Sellers who haven't adjusted to that reality are the ones sitting.
What's actually happening
Last month I said the asking-vs-selling gap had narrowed sharply, down to 8 percent, and that sellers still needed to price to the sold market. This month that gap didn't just widen, it tripled. Sellers are asking about 25 percent more per square foot than what homes are actually closing for. That is a significant disconnect, and it shows up in the numbers everywhere you look.
There are 189 active listings right now. Only 32 are under contract. In the last 30 days, 44 new listings came on, 32 went under contract, and 26 closed. The pipeline is moving, but slowly, and inventory keeps building. Homes that sold did so in 49 days on average. Active listings that haven't sold yet have been sitting 64 days. That gap tells you something: the homes that priced right found buyers. The ones that didn't are still waiting.
Year over year, the median sale price is up 7.5 percent from $448,750 a year ago. So the market hasn't fallen apart, it has just shifted. The typical home that sold was a three-bedroom, two-bath around 2,100 square feet, most transactions landing between $370,000 and $645,000. Volume is up 20 percent from a year ago, which means more homes are trading hands even as prices soften month to month. The market is active. It is just not a seller's market anymore.
If you're buying
This is a favorable position for buyers. With 9.7 months of supply and a wide gap between asking and selling prices, you have room to negotiate that simply wasn't there a year ago. Single-family residential buyers in particular should be looking at what homes are actually closing for per square foot, not what sellers are asking. Those are two very different numbers right now.
The homes going under contract in 49 days are priced to the market. If you find one of those, move on it. The listings sitting at 64-plus days are the ones where the seller hasn't caught up to reality yet. That's where your negotiating room is largest, but also where you need to be patient, because some of those sellers still won't budge.
If you're selling
A 25 percent gap between asking and selling prices per square foot is not a negotiating cushion. It is a warning. Buyers are not paying asking prices right now, and with 189 homes on the market competing for a limited pool of buyers, overpriced listings are invisible. The homes closing in under 50 days are the ones priced to what the market will actually bear.
If you need to sell this year, price to the sold comps, not to your neighbors' listings. Your neighbors' listings may not sell either. The year-over-year median is still up, which means the market has real value in it, but that value only gets realized when the list price reflects where buyers are, not where sellers wish they were.
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 May 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.
