July 30, 2025 · 3 min read
Cody Housing MarketJuly 2025
The market shifted this month, and it moved in the right direction. Cody went from a strong buyer's market to a buyer-favored market, which means buyers still hold the advantage but the ground under sellers is a little less soft than it was in June. Supply dropped from 9.4 months to 8.9 months, and the median sale price ticked up from $469,000 to $472,000. Small moves, but they both point the same way. The bigger tension is still the gap between what sellers are asking and what homes are actually closing for, and that gap is wide enough to matter for anyone writing an offer or setting a list price.
What's actually happening
Last month I said sellers were finally adjusting asking prices closer to reality, but that adjustment was pulling sale prices down with it. This month the sale price stopped falling and moved up a little. The median sale price over the trailing twelve months is now $472,000, up from $469,000 in June. Year over year the number is essentially flat, down just 0.6 percent from $475,000 a year ago. That is not a recovery story, but it is a stabilization story.
The supply picture improved modestly. We have 183 active listings and 31 under contract. At the current pace of sales, that works out to 8.9 months of supply, which is how long it would take to sell every home on the market if nothing new came in. Anything above six months generally favors buyers. We are still well above that, but we came down from 9.4 months last month, and that direction matters.
The gap between what sellers are asking and what homes are actually selling for is still the loudest number in the data. Sellers are asking about $263 per square foot. Homes are closing at about $229 per square foot. That is a gap of nearly 15 percent. In June that gap was 17 percent, so it narrowed, but 15 percent is still a real number. A typical home here runs around 2,071 square feet. At that size, a 15 percent gap is roughly $70,000 between the list price and where a deal actually closes. Sellers who do not account for that are not pricing their home, they are pricing their hope.
Active listings are sitting on the market for about 100 days on average. Homes that actually sold moved in 51 days. That split tells you something useful: the homes that are priced right are selling in under two months, and the ones that are not are dragging the average up.
If you're buying
This is still a good time to be a buyer in Cody. You have 183 active listings to work through, a seller pool that is slowly accepting where the market actually is, and real room to negotiate. The 30-day pipeline shows 31 homes went under contract last month against 23 new listings coming in, so the active inventory is not growing fast. If you find a single-family residential home priced at or near where comparable homes have been closing, move on it. The ones sitting at 15 percent above market are not deals waiting to happen, they are sellers who have not gotten the message yet.
Rates are what they are, and I am not going to pretend otherwise. But on the price side, buyers have more room than they did last month, and considerably more room than a year ago when the median sale price was $475,000 and supply was tighter.
If you're selling
The market shifted in your direction this month, but do not let that small move talk you into overpricing. The homes closing in 51 days are the ones priced where buyers are actually willing to write checks. The ones sitting at 100 days are the ones that started too high. If you list at $263 per square foot because that is what your neighbor asked, expect to wait. If you list at or near $229, you have a real shot at being under contract before Labor Day.
The honest read is this: Cody is stabilizing, not surging. Sellers who price to that reality will sell. Sellers who price to 2023 will keep watching their days on market climb.
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 July 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.
