Cody Housing MarketJanuary 2026

In December I said the pricing gap was the thing to watch. Sellers were asking roughly 11 percent more per square foot than buyers were paying. That gap just got cut nearly in half. Sellers are now asking about 5 percent more per square foot than what's actually closing. That is still a gap, but it is a much more workable one. What it tells me is that sellers are starting to price closer to where the market is, or buyers are pushing back harder, or both.

The 30-day pipeline gives you a sense of the pace. In January, 15 homes came to market, 11 went under contract, and 15 closed. That is a balanced month in terms of flow. Active listings dropped slightly to 94, with 11 under contract right now. Median asking price on active listings ticked down to $535,000 from $537,450 last month, a small move but in the same direction as the narrowing gap.

The timing gap between sold and active homes is still wide. Homes that sold in the trailing period spent about 58 days on market. Homes sitting active right now have been listed an average of 137 days. That spread tells you the homes that are priced right are moving, and the ones that aren't are piling up. The typical home that sold was a 3-bedroom, 2-bath place around 2,060 square feet, with most sales landing between $370,000 and $635,000.

Year over year, the median sale price is down 1.1 percent from $485,000 to $479,900. Volume is down 7.9 percent from a year ago. Neither number is dramatic, but both point the same direction: a market that is cooler than it was twelve months back, even as it still leans toward sellers on supply.

You have more room than you did last month. The gap between what sellers ask and what homes sell for is narrower, but it still exists, and that is leverage. On a single-family residential home priced at $535,000, a 5 percent gap per square foot is real money on the table. The 137-day average for active listings means a lot of sellers have been waiting a while. Patience and a clean offer still carry weight here.

Supply at 4.8 months is technically seller-favored territory, meaning there are not so many homes available that sellers have to compete hard for you. But with 94 active listings and only 11 under contract right now, you have options. Move on the ones priced right. The ones sitting at 137 days are telling you something about the seller's expectations, and you can negotiate accordingly.

The narrowing gap is good news if you take the right lesson from it. It means buyers are engaging more, not that you can push the price higher. Homes priced at or near where the market actually closes are moving in about 58 days. Homes priced above that are sitting for 137 days on average. That is a four-and-a-half-month wait, and the longer a listing sits, the more negotiating power shifts to the buyer.

Price to the $233 per square foot that homes are actually closing at, not the $245 that active listings are asking. The market will tell you the difference either way. Better to hear it before you list than after ninety days on market.

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 January 2026.

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.