June 29, 2025 · 3 min read
Cody Housing MarketJune 2025
The gap between what sellers are asking and what homes are actually selling for just closed in a meaningful way. Last month that gap was nearly 25 percent per square foot. This month it's 17 percent. That's the biggest single move in the data right now, and it cuts both ways. Sellers are coming down. But so are sale prices: the trailing median dropped from $482,500 to $469,000. Cody is still a buyer's market, with 9.4 months of supply, which is how long it would take to sell every home currently listed at the pace homes are actually closing. The market is moving in the right direction, just not in a straight line.
What's actually happening
Last month I said the price-reality gap was widening and that sellers who closed were the ones priced to what the market was actually doing, not to what their neighbors were asking. That gap has now narrowed sharply. Sellers are asking about 17 percent more per square foot than what homes are closing at, down from nearly 25 percent in May. That's real movement. It means asking prices are coming down, or closed prices are holding firmer, or both. In this case, it's mostly both.
The median asking price on active listings dropped from $610,000 to $600,000. The trailing 12-month median sale price dropped from $482,500 to $469,000. Year over year, that median is up less than 1 percent from $465,000 a year ago. Volume is a different story: 28.6 percent more homes sold over the past year than the year before. More transactions, but not at higher prices.
The 30-day pipeline shows 33 new listings coming in, 31 going under contract, and 25 closing. That's a roughly balanced flow for a single month, but with 191 active listings and only 243 sales over the past year, the inventory pile isn't shrinking fast. Homes that do sell are going under contract in about 51 days. Active listings that haven't sold yet have been sitting an average of 76 days. The typical home that sold was a 3-bedroom, 2-bath place around 2,070 square feet, with most sales landing between $360,000 and $630,000.
If you're buying
Nine-plus months of supply means you have real choices and real time. For single-family residential, that's more leverage than most buyers have had in this market in recent years. The gap between asking and selling is still 17 percent per square foot, which tells you there's room to negotiate, but it also tells you some sellers haven't fully accepted where prices are. The ones who have are the deals worth moving on.
Don't mistake a narrowing gap for a tightening market. Supply is still high. Homes are still sitting for over two months on average before going under contract. If a home is priced right, it moves in about 51 days. If it's not, it sits. Use that information when you make an offer.
If you're selling
The narrowing gap is good news in one sense: it means the market is finding a clearer price floor. But the floor is at $469,000 on the median, not $600,000. If you list at $600,000 and the market is closing at $469,000 on the median, you are not in the conversation. You are in the 76-day pile.
The sellers who closed this month priced to reality. That's the whole strategy. With 191 homes competing for buyers who closed 25 deals in the last 30 days, your price is your marketing. Come in sharp, or plan to wait.
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 June 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.
