Cody Housing MarketAugust 2026

The biggest move this month came from sellers, not from the market clearing itself out on its own. Active listings dropped from 152 to 146, and the median ask on those listings fell $24,000. At the same time, the trailing twelve month sale price dipped $13,000. Last month I said sellers were still chasing last year's gains while the gap slowly narrowed. This month the gap narrowed because sellers cut their number, not because more buyers showed up to meet them there.

The 30-day numbers show why. In the past month, 23 new listings hit the market, 22 homes closed, and only 2 went under contract. That's thin. With 146 homes active and just 2 under contract right now, the pace of new deals getting signed is slow even as older listings finish closing out.

Timing tells the same story. Homes that sold moved in 49 days. Homes still sitting active have been on the market an average of 89 days, almost twice as long. That split between sold and active days on market is the clearest sign of what's going on: correctly priced homes are moving in about seven weeks, and everything else is stacking up.

Zoom out to the year and the picture is more mixed. The median sale price is up 1.7 percent from a year ago, from $469,000 to $477,000, so prices haven't fallen apart. But the number of homes sold is down 4.5 percent over that same year. Fewer deals are closing, even though the ones that do aren't going for much less. A typical sold home is a 3 bedroom, 2 bath place around 2,080 square feet, with most sales landing between $375,000 and $650,000.

If you're buying, you still hold the room. 7.6 months of supply means there's more inventory than the market can absorb quickly, and the 13.6 percent gap between what sellers ask and what homes actually sell for, per square foot, gives you real room to negotiate, especially on single-family residential listings sitting closer to that 89-day average. The homes moving in 49 days are the ones priced honestly from the start, so a listing that's been active for months is leverage in your favor, not a reason to walk away from it.

If you're selling, the message this month is simple: price it where it will sell, not where it sold a year ago. Sellers who cut their asking price this month are the ones narrowing the gap, and that's the direction that gets a home under contract closer to 49 days instead of stretching toward 89. With only 2 homes under contract out of 146 active, buyers aren't short on choices, so a single-family residence priced double digits ahead of the market per square foot is choosing a long wait over a sale.

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 August 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.