December 30, 2025 · 2 min read
Cody Housing MarketDecember 2025
Cody moved into seller-favored territory this month. Supply dropped from 6.3 months to 4.9 months, which pushed the market signal from balanced to mild-seller. That shift happened even as the median sale price fell 2.7 percent from a year ago, sitting now at $479,000. So the market is tightening on inventory while prices are still softening on a year-over-year basis. Those two things can coexist, and right now they do.
What's actually happening
Last month I said pricing discipline was taking hold and that sellers who priced to the market were finding buyers. That read still holds, but the bigger story this month is the inventory drop. We went from 6.3 months of supply to 4.9 months in a single month. Months of supply is how long it would take to sell every home currently listed at the pace sales are actually happening. Below six months generally favors sellers. We are there.
The 30-day pipeline tells the same story from a different angle. Six new listings came on in December. Seventeen went under contract. Fourteen closed. More homes are going under contract than coming onto the market, and that math is what pulled supply down.
The gap between what sellers are asking and what homes are actually selling for, measured per square foot, is 10.7 percent. Sellers are asking around $255 per square foot. Homes are closing around $230. That gap narrowed slightly from last month's 11.1 percent, which is a small move in the right direction, but 10.7 percent is still wide. Homes that went under contract this month spent an average of 65 days on the market before going under contract. Homes still sitting active have been listed an average of 127 days. That gap tells you which sellers priced right and which ones didn't.
Year over year, the median sale price is down 2.7 percent, from $492,500 to $479,000. Volume is down 16 percent from a year ago. The typical home selling in Cody right now is a three-bedroom, two-bath home around 2,070 square feet, with most sales landing between $370,000 and $620,000.
If you're buying
Supply tightened, but you still have more room than the headline suggests. That 10.7 percent gap between asking and selling prices is real, and it means list prices are still aspirational on average. A single-family residential home sitting at 127 days on market is a home whose seller has been waiting. That is where your leverage is.
The homes going under contract in 65 days are priced closer to where the market actually clears. On those, expect less room. Know which situation you are walking into before you make an offer.
If you're selling
The market signal shifting to seller-favored is real, but it does not mean you can price freely. The 10.7 percent gap between asking and selling prices per square foot is the clearest evidence that overpriced homes are still stalling. The sellers winning right now are the ones who listed at or near where the market actually closes, not where they hoped it might.
If you price to the market, the tighter supply works in your favor. Fewer competing listings means more buyer attention on yours. If you price above it, you will join the homes averaging 127 days on market, and that is a different conversation entirely.
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 December 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.
