Cody Housing MarketMay 2026

Last month I said pricing discipline was no longer optional for sellers. This month the data made that point louder. The gap between what sellers are asking and what homes are actually selling for, measured per square foot, jumped from 8.8% in April to 17.3% in May. That is not a rounding error. Sellers are asking around $271 per square foot while homes are closing at $231. The median asking price on active listings is $677,000, up nearly $88,000 from last month. The median sale price over the trailing twelve months is $483,450. Those two numbers are not describing the same market.

Supply sits at 7.4 months, which means if no new listings came on and sales kept pace, it would take about seven and a half months to sell everything currently listed. That is a buyer's market. There are 138 active listings and 34 under contract. The 30-day pipeline shows 39 new listings coming in against 31 closings, so inventory is not shrinking. Homes that sold closed in about 51 days. Active listings that have not yet sold have been sitting an average of 75 days. That 24-day difference is where overpricing shows up in real time.

Year over year, the median sale price is up just 0.2%, from $482,500 to $483,450. Volume is down 4.3%. The market is not falling apart, but it is not growing either. The typical home that sold was three bedrooms, two baths, around 2,067 square feet, and most sales landed between $360,000 and $630,000. That range is where the market is actually working.

This is a good time to be a buyer in Cody. Seven-plus months of supply means you have choices and you have time. You are not competing with five other offers on a single-family residential home priced correctly. The homes sitting at 75 days and counting are the ones where sellers have not yet accepted what the market is telling them. Those are negotiating opportunities, but only if the underlying home is worth it at a realistic price. Do not let a long days-on-market number convince you a bad house is a deal.

The gap between asking and selling prices gives you real room to negotiate, but use it with a clear read on what comparable homes have actually closed for. Your offer should be anchored to the $231 per square foot that buyers are paying, not the $271 sellers are hoping for.

A 17% gap between what you are asking and what buyers are paying is not a negotiating cushion. It is a warning. Homes priced at or near the active median are sitting 75 days and counting. Homes priced where the market is actually clearing are closing in 51 days. That difference in time costs you carrying costs, negotiating leverage, and often a lower final price than if you had listed right from the start.

If you are serious about selling this summer, price to where deals are closing, not where you hope the market is. The data from the last twelve months, 224 sales at a median of $483,450, tells you where buyers are. List there, and you sell. List at the median active asking price of $677,000 and you are likely to be part of next month's days-on-market story.

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 May 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.