October 31, 2026 · 2 min read
Cody Housing MarketOctober 2026
Cody is still a buyer's market, 7.2 months of supply, unchanged from last month. The number that jumps out is the median asking price, which dropped 12 percent, from $691,500 to $607,000. You'd think that closes the gap between what sellers want and what buyers pay. It didn't. That gap actually widened, from 11.8 percent to 15.2 percent above the median sold price per square foot.
What's actually happening
Last month I said the gap was narrowing because sold prices were catching up to asking, not because sellers were backing off. This month the asking side finally moved, down 12 percent in dollar terms, but the per-square-foot math tells a different story. Sellers are now asking $274 a square foot while homes are actually closing at $238. That's wider than it's been, not narrower. The cheaper-looking price tags are mostly smaller homes coming onto the market, still priced high for their size.
Timing backs this up. Homes that sold moved in 49 days. Homes still sitting active are averaging 110 days, up from 95 last month. That's the real split in this market: price it to what buyers will actually pay and it moves in under two months. Price it to last year's expectations and it ages on the market.
The year-over-year numbers are steady by comparison. Median sale price is up 1.8 percent from a year ago, $471,000 to $479,500. Sales volume is down 2.9 percent. Neither is dramatic. In the last 30 days, 21 new listings came on, 14 closed, and only 1 went under contract. Conversion from active to under contract is still thin, same open question I flagged last month.
The typical sale is still a 3-bed, 2-bath home around 2,112 square feet, with most closings between $385,000 and $660,000. Active inventory held flat at 143 listings. Supply isn't piling up further, it's just not clearing any faster.
If you're buying
With 7.2 months of supply, you have room to negotiate, and that room is not shrinking. The 15.2 percent gap between asking and selling price per square foot is your starting point in any offer conversation, especially on single-family residences that have been active well past 49 days. The homes selling in that 49-day window are the ones priced close to the $238 per square foot mark already. Anything still asking $274 and sitting past 100 days has more room to come down than the list price suggests.
If you're selling
A lower list price doesn't fix anything by itself if it's still high relative to the square footage. That's the trap this month's numbers expose: asking prices came down 12 percent overall, and the gap still widened. Price a single-family residence close to $238 a square foot and you're in the range where homes are actually closing in 49 days. Price it the way the market has been pricing, and the 110-day average for active listings is the more honest expectation to set going in.
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 October 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.
