Cody Housing MarketSeptember 2025

Last month I said the gap between asking and selling prices was the pressure point to watch. It widened. In August that gap was 26.5 percent per square foot. In September it's 32.6 percent. Sellers are asking around $293 per square foot. Homes are closing at $221. That is not a negotiating cushion. That is a pricing problem.

The 30-day pipeline tells a steadier story: 17 new listings came on, 22 went under contract, and 22 closed. More homes went under contract than came on the market, which is part of why supply ticked down. There are 149 active listings right now, with 22 under contract. Months of supply, which is how long it would take to sell every home currently listed at the current pace, sits at 7.2. That still favors buyers, but it's a step tighter than last month's 8.2.

Timing tells you a lot. Homes that sold spent a median of 58 days on the market. Homes sitting active right now have been listed a median of 134 days. That gap tells you which sellers priced to sell and which ones are still waiting for a buyer to meet them where they started. The typical home that sold was a three-bedroom, two-bath place around 2,071 square feet, closing somewhere in the $355,000 to $620,000 range.

Year over year, the median sale price is flat. A year ago the median was $475,000. Today it's $475,000. Volume, though, is up 29.8 percent compared to a year ago. More homes are selling, at the same price. That is a healthy sign for the market overall, even if individual sellers are not getting the premiums they might have hoped for.

You have room to negotiate, and the data backs you up. When asking prices are running 32.6 percent above what's actually closing per square foot, you are not being aggressive by coming in below list. You are being accurate. The homes sitting at 134 days on market are the ones where sellers have not yet accepted that reality. Those are also the ones most likely to move on price.

Supply tightened a little this month, so the selection is slightly narrower than it was in August. But 149 active listings in a market this size still gives you real choices. For single-family residential in particular, the $355,000 to $620,000 range is where most of the action is. If you are patient and you know what you want, this market is working in your favor.

A 32.6 percent gap between asking and selling is not a number to ignore. It means the average active listing is priced well above where buyers are actually writing checks. If your home has been sitting, that gap is almost certainly the reason. Cutting to where the market is feels like giving something up, but 134 days on market costs you too, in carrying costs, in uncertainty, and in the negotiating leverage that shifts to buyers the longer a listing sits.

The homes that are selling in 58 days are the ones priced to the market, not to last year's ceiling. The median sale price has held at $475,000 for a full year now. That is the floor the market has confirmed. Price from there, not from the ask side of the gap, and you will move your home.

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 September 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.