October 30, 2025 · 3 min read
Cody Housing MarketOctober 2025
The market shifted this month. Cody moved from buyer-favored to balanced, sitting at 6.7 months of supply. That is a real change, and it matters. Last month I said the gap between what sellers were asking and what homes were actually selling for, per square foot, had widened to 32.6 percent. This month that gap closed to 24.1 percent. Sellers came down. The market responded. We are not in a seller's market, but we are no longer in the same buyer's market we had in September.
What's actually happening
Last month I called this a buyer's market and said the widening ask-to-sell gap was the dominant pressure. That gap has now narrowed by more than eight points, from 32.6 percent to 24.1 percent, measured per square foot. That is the clearest sign that sellers, as a group, adjusted. Active median asking prices dropped from $597,000 to $559,000, a $38,000 move in one month. When sellers reprice that quickly and that broadly, the market responds.
Supply tells the same story. At 7.2 months last month, the market clearly favored buyers. Months of supply is simply how long it would take to sell every home currently listed at the current pace of sales. At 6.7 months, we crossed into balanced territory, where neither side holds a clear edge. Twenty-three homes went under contract in the last 30 days against 25 new listings coming on. The pipeline is nearly in equilibrium.
The year-over-year picture is honest but not alarming. The trailing 12-month median sale price is $474,000, down 3.1 percent from $489,000 a year ago. Volume is down 28.8 percent over the same stretch. Fewer sales at slightly lower prices. The typical home that sold was a three-bedroom, two-bath around 2,072 square feet, with most closings landing between $350,000 and $625,000. Homes that sold averaged 63 days on market. Homes still sitting active have been listed an average of 144 days. That gap tells you everything about what happens when a home is priced right versus priced for hope.
If you're buying
You have less room than you did last month, but you still have room. A balanced market means sellers are not in a position to ignore you, and 138 active listings gives you real choices. The 24-percent gap between asking and selling prices per square foot tells you that list prices are still running well above where deals are actually closing. That gap is your negotiating context. Use it.
For single-family residential, focus on how long a home has been sitting. Anything past 90 days on market is a seller who has not yet accepted where the market is. Those are the conversations worth having. Homes priced correctly are moving in roughly two months. If you find one of those, do not assume you have unlimited time.
If you're selling
The sellers who moved the market this month did it by repricing. That is not a small thing. A $38,000 drop in median asking price across the board is sellers collectively deciding to get serious, and it worked. Twenty-three homes went under contract. If you are sitting at 144 days and wondering why, the answer is almost always the same: your price is still in the gap.
A 24-percent spread between what sellers are asking and what buyers are paying, per square foot, is still wide. Buyers know it. Their agents know it. Price to where deals are closing, not to where you wish they were, and you will sell. Price above that and you will watch the calendar. The market is balanced now, which means it will reward realistic sellers. It will not reward the ones waiting for a different market to show up.
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 October 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.
