Cody Housing MarketAugust 2025

The number that moved most this month is the gap between what sellers are listing at and what buyers are actually paying, measured per square foot so a handful of high-end sales don't skew the picture. In July that gap was 14.8 percent. In August it's 26.5 percent. Sellers are asking around $280 per square foot. Homes are closing at around $221. That's not a negotiating cushion. That's a pricing problem.

Inventory tells a similar story. There are 166 active listings right now, with 31 under contract. Months of supply, meaning how long it would take to sell everything on the market at the current pace, sits at 8.2. That's down slightly from 8.9 last month, but still firmly in buyer's market territory. Homes that are actually selling are doing so in about 58 days. Active listings that haven't sold yet have been sitting for an average of 114 days. The market is not stuck. It's sorting.

The year-over-year picture is modest but consistent. The median sale price over the trailing twelve months is $469,000, down about two percent from $478,500 a year ago. Volume is down 24.6 percent from a year ago. Fewer homes are selling, and they're selling for a little less. The typical home that closes is a three-bedroom, two-bath place around 2,072 square feet, most often somewhere between $360,000 and $620,000. That range hasn't changed much, but getting to a closing now takes real alignment between what sellers expect and what buyers will pay.

This is a good time to be a buyer in Cody. You have options, 166 active listings is real selection, and you have time. With homes sitting on the market for nearly four months on average before going under contract, you are not in a race. The 30-day pipeline shows 31 homes went under contract last month, so deals are getting done. They're just getting done at prices well below where sellers started.

If you're shopping for single-family residential property, the data says there is room to negotiate. A 26.5 percent gap between asking and selling prices doesn't mean every seller will come down that far, but it does mean the market is not meeting sellers where they're listed. Come in with a number grounded in what's actually closing, not what's on the sign.

The homes that are selling in 58 days are priced where the market is, not where sellers wish it was. The homes sitting for 114 days are not. That's the whole lesson in this month's data. If you list at $280 per square foot and buyers are paying $221, you will wait. You may eventually get an offer, but you'll get there after months on market and probably a price cut that costs you more than if you'd priced it right from the start.

A year ago the median sale price was about $478,500. Today it's $469,000. The ceiling has come down. Sellers who price to where the market was in 2024 are going to find that out the slow way. Price to where it is now, and you have a real shot at closing in under two months.

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 August 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.