February 27, 2026 · 3 min read
Cody Housing MarketFebruary 2026
The market shifted this month. Cody moved from seller-favored to balanced, sitting at 6.1 months of supply. That number, months of supply, is how long it would take to sell every home currently listed at the pace homes are actually closing. Above six months is generally considered balanced territory, and we just crossed that line. Last month I said sellers were still in the driver's seat. This month, they're not. The seat is shared.
What's actually happening
Inventory built up. We have 111 active listings right now, with 17 under contract and only 3 closed in the last 30 days. That pipeline is thin on the closing end, and it pushed months of supply from 4.8 last month to 6.1 this month. That is a 27 percent jump in one month. It is the single biggest move in the data.
The median sale price over the trailing 12 months is $479,450. A year ago it was $485,000. That is a drop of about 1 percent. Volume is also down 4 percent from a year ago. Neither number is dramatic, but both point the same way: the market is cooling at the edges.
The gap between what sellers are asking and what homes are actually selling for, measured per square foot, is about 2 percent right now. Sellers are asking roughly $241 per square foot; homes are closing at around $236. That gap narrowed sharply from last month, when it sat at 5 percent. That is good news for sellers who are priced right. It means the market is not punishing them badly at the table. But the median asking price on active listings is $519,900, against a median sale price of $479,450. That is a $40,000 spread. Some of that is mix, but some of it is sellers still aiming high.
Homes that sold took 52 days on average. Active listings have been sitting for 123 days on average. That gap tells you something real: the homes moving are moving at a reasonable pace, but the ones that are not moving are just accumulating days. The typical home selling right now is a three-bedroom, two-bath around 2,025 square feet, with most sales landing between $360,000 and $635,000.
If you're buying
You have more room than you did last month. A balanced market means sellers are not holding all the cards. With 111 active listings and only 17 under contract, you have real choices. That said, the homes priced correctly are still moving in about 52 days, so do not mistake balance for slow. If you find a single-family residential home that checks your boxes and is priced near where things are actually closing, it will not wait for you forever.
The 2 percent gap between asking and selling per square foot is narrow enough that you are not going to negotiate a seller down dramatically just because the market shifted. What you can do is be more selective, take your time, and make offers grounded in what is actually closing, not what sellers are asking.
If you're selling
Last month I said sellers who priced to where the market actually is would move homes, and those who did not would sit. That is still true, and it matters more now. You are no longer in a seller-favored market. Buyers have options. If your list price is built on hope rather than closed sales, you will end up in the pile of homes averaging 123 days on market.
Price to where things are closing, not to where you wish they were. The per-square-foot gap is only 2 percent right now, which means a well-priced home is not leaving much on the table. But that $40,000 spread between median asking and median sold tells me plenty of sellers are still reaching. The ones who stop reaching are the ones who close.
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 February 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.
