The Reno-Sparks real estate market is seeing an uptick in demand, bringing renewed enthusiasm to home buyers and sellers alike.
The median home price is beginning to stabilize, with a much less significant decrease between December and January than in previous months. This, along with relatively low inventory on the market, indicates that the market is heading back to a balanced position, if not headed for an uptick throughout 2023.
Learn more about the Reno-Sparks real estate trends and delve into the numbers with me in this video.
What you need to know about Reno-Sparks Real Estate Trends
- The median home price is now $510,000, a 1.5% month-over-month and 9.7% year-over-year decrease. Meanwhile, homes on the market are being purchased at 97% of asking – just below the historic average.
- January saw 254 new listings, down 40% year-over-year, making for a total active inventory of 682 homes. This relatively low inventory number is positively impacting the stability of the Reno-Sparks real estate market.
- Average days-to-contract is currently at 57 days, aligning closely with the historic range of 45-60 days established in 2017-2019. This is a 707% increase from 2021 and 2022, but is much more on par with typical expectations.
- December-February typically sees the least amount of home sales and the lowest median sale price in any given 12-month time period. Looking toward spring, it’s likely there will be an uptick in both.
- Homes in contract increased by 25% month-over-month in January. While this is a decrease of 22% year-over-year, it is a positive indicator for the 2023 Reno/Sparks housing market.
At Dickson Realty, we proudly share our monthly Northern Nevada real estate update with clients and community members to stay informed. For more information about the Reno-Sparks market, contact one of our neighborhood experts today.
