November 29, 2025 · 3 min read
Cody Housing MarketNovember 2025
The big story this month is not the price. It is the gap. Last month I said a 24-percent spread between what sellers were asking and what homes were actually selling for, per square foot, was the thing separating deals that closed from listings that sat. That gap just cut nearly in half. Sellers are now asking about 11 percent more per square foot than what's closing. That is a real shift, and it changes the conversation for both sides. The market is still balanced, with 6.3 months of supply, meaning neither buyers nor sellers hold a clear edge. But the ground moved under that balance this month.
What's actually happening
Three things moved at once this month, and they all point the same direction. The median sale price on a trailing 12-month basis rose to $489,000, up from $474,000 last month. The median asking price on active listings dropped to $535,000, down from $559,000. And the gap between what sellers are asking and what homes are actually selling for, measured per square foot, fell from 24.1 percent to 11.1 percent. Sellers came down. Buyers held. The market met closer to the middle.
The 30-day pipeline backs that up. Twenty-five homes went under contract in November against 16 new listings and 16 closings. More homes are being absorbed than are coming on. That is not a flood of activity, but it is steady movement. The typical home that sold was a three-bedroom, two-bath house around 2,080 square feet, with most sales landing between $370,000 and $650,000.
Timing still tells the honest story. Homes that sold spent about 65 days on market. Homes still sitting active have been listed an average of 138 days. That gap, more than two months, is where overpricing lives. Year over year, the median sale price is up less than half a percent, from $487,000 to $489,000. Volume is up 17.5 percent. More homes are selling, but prices are essentially flat from a year ago. That is a stable market, not a climbing one.
If you're buying
Buyers have more room than they did last month. The asking-to-selling gap narrowing is good news, but it cuts both ways. It means sellers are getting more realistic, which makes negotiating cleaner. It also means the days of wide cushion between list price and closing price are shrinking. At 6.3 months of supply, which is how long it would take to sell every home currently on the market at the current pace, this is still a balanced market. You are not competing in a frenzy. But the single-family residential homes priced right are moving in about 65 days. If you find one priced well, do not assume it will sit.
The sweet spot for most buyers is still that $370,000 to $650,000 range. That is where the volume is and where sellers are most likely to be negotiating in good faith.
If you're selling
The shift this month is a signal worth reading carefully. The sellers who brought asking prices down are the ones driving that gap from 24 percent to 11 percent. That is not a coincidence. Homes sitting at 138 days active are priced for a market that does not exist. The ones closing at 65 days are priced for the one that does.
A median sale price of $489,000 against a median asking price of $535,000 is still a $46,000 spread. If you are listing, the question is not what you want for the house. It is what the data says buyers will pay. Right now, that answer is closer to $231 per square foot than $257. Price to the sold column, not the active one, and you will spend 65 days on market instead of 138.
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 November 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.
