2024 Reno Real Estate Market Trends & Stats for 2024-2023
- A 17.1% decrease in home sales was noted from December to November, with a 19.3% fall year-over-year.
- Median sale prices in Reno observed a 6.7% increase year-over-year, outstripping the national average.
- October witnessed a 7.82% drop in sales from September, reflecting typical seasonal adjustments.
- Property values in Reno showed a year-over-year increase despite month-to-month fluctuations.
- The median home sales price decreased by 1.9% from December to January in the metro area.
- Median home prices experienced a modest increase in August, by 0.7% monthly and 1.8% annually.
- Buyer trends indicated a preference to remain within Reno’s metropolitan area from February to April.
- A significant decline in sales volume was evident in September, with a 7.3% decrease year-over-year.
- June’sJune’s median sales price witnessed a slight monthly increase of 3.6% but a 4.2% annual decline.
- Market momentum was evident in the first quarter, with increasing buyer interest.
- A 10.2% increase in home inventory was observed in April over the previous month, indicating a 14.8% year-over-year rise.
- Pending sales in August showed a marginal 1.2% month-over-month drop, with an 18.3% decrease from the previous year.
Market Dynamics and Trends
- A balanced market scenario with a median sale-to-list ratio of 0.992 suggested equitable conditions for buyers and sellers.
- The first quarter of 2023 witnessed a 1.3% increase in new pending contracts year-over-year, indicating an upward-trending market.
Inventory and Sales Data
- The current available inventory of homes listed for purchase in April was 606, a 14.8% increase from last year.
- Pending sales in August experienced a slight 1.2% month-over-month decrease and an 18.3% decrease from the previous year.
- The quantity of Reno, Nevada properties sold in October fell by 9% from September and by 9.3% year-over-year.
Price Statistics
- Median home prices surged in August, slightly increasing by 0.7% monthly and 1.8% annually.
- The median transaction value for Reno’s active market over the past six months was estimated at $550,182.
- Sales price trends within different quartiles showed significant variation, with the highest-priced houses experiencing a change of -15.3%.
Market Supply Trends
- In December, the supply of inventory suggested a seller’s market with only 2.1 months of supply.
- A 4-month supply of homes was noted in the $1,500,000+ price range, significantly reduced from the previous year’s supply.
- The 1-month supply of available housing inventory (MSI) in June 2023-2024 was 1.7 months, indicating a seller’s seller’s market.
Additional Market Insights
- A 2.0% decrease in the average home value was noted over the past year, hinting at price adjustments.
- Foreclosure trends indicated 50 homes in foreclosure, with a median value of $490,309.
- The median listing home price in December 2023 was $589K, marking a 5.2% increase year-over-year.
Key 2024-2023 Reno Real NV Estate Statistics
- Sales price trends within quartiles showed significant variation, with the highest-priced houses experiencing a change of -15.3%.
- The number of houses sold in October fell by 9% from September and 9.3% year-over-year.
- June’s median days on the market were six days higher than the same month in the previous year, suggesting longer sales cycles.
- In April, the market favored sellers with a 1.6-month supply of inventory.
- Listings in April showed a 3.9% increase from the previous month, yet a 28.4% decrease year-over-year.
- The 30-year fixed mortgage interest rates in Nevada were 6.98% as of May 2023-2024.
- December’s December’s inventory supply indicated a seller’s market with only 2.1 months of supply.
- In December, median days on the market remained steady at 64 days, showing a faster sales pace than the previous year.
- A notable 9.7% decline in pending sales was recorded from the previous month, marking a 5.2% annual increase.
- Foreclosure trends showed 50 homes in foreclosure, with a median value of $490,309.
The market’s resilience, demonstrated by median house prices reaching yearly highs despite fluctuations in sales volumes, suggests a robust demand for housing. However, the slight decrease in average home values and the variable sales price trends across different quartiles highlight the importance of strategic pricing and market positioning.
On the other hand, property investors should note the moderate increase in inventory and the specific trends within different housing price quartiles. Opportunities exist in segments where prices have shown resilience or slight increases, indicating a stable investment prospect. The slight decrease in average home values and the forecasted market adjustments also present the potential for those looking to buy properties at a lower price point, anticipating future appreciation as the market stabilizes.
For home sellers, the observed dynamics underscore the necessity of understanding local market conditions, including median days on the market and inventory levels. The balanced market scenario, with a median sale-to-list ratio close to 1, indicates that homes priced correctly are likely to sell without significant price adjustments. Moreover, the reduction in median days on the market compared to previous years suggests that properties, when priced competitively, can still attract buyers relatively quickly.
The variability in pending sales and the nuanced changes in months’ supply of inventory highlight the importance of timing and market selection for sellers and investors. For investors, particularly, the Reno foreclosure trends and the expected slight decline in the market suggest that there may be opportunities to acquire properties below market values, with the potential for long-term gains as the market recovers.
We Buy Houses In Any Condition Reno Nevada
Cited Sources:
- https://www.movoto.com/reno-nv/market-trends/
- https://www.noradarealestate.com/blog/reno-real-estate-market/
- https://www.houzeo.com/blog/nevada-real-estate-market/
- https://www.realtor.com/realestateandhomes-search/Reno_NV/overview
- https://renorealtyblog.com/category/markettrends
- https://data.rgj.com/real-estate-market-report/
- https://www.redfin.com/city/15627/NV/Reno/housing-market
- https://www.4renohomes.com/market-infomarket-info/01092024/january-2024-reno-sparks-real-estate-market-update
- https://www.calnevarealty.com/market-statistics/
- https://www.kolotv.com/2024/02/06/new-data-shows-house-prices-increasing-across-northern-nevada/
- https://www.bankrate.com/real-estate/housing-market-2024/
