April’s Reno-Sparks real estate trends brought good news for sellers as the median local sales price continued a three-month climb. While prices are down significantly from April 2022’s red-hot market, strong demand and limited inventory continue to drive an upward trend that will likely continue as we enter the summer months.
However, there’s some relief for buyers as well. The biggest market factor from last April is rising mortgage rates, which continue to throttle supply and temper demand. Even so, more units going into contract and a solid increase in active inventory from last month should keep price appreciation in check and give buyers more options.
Let’s look at the numbers in this month’s Reno-Sparks real estate trends video breakdown.
Here’s what you need to know:
- Median home prices in the Reno-Sparks area reached $535,000 in April—a month-over-month increase of 2.8%, down 7% from last year. Most homes were bought for 99.1% of the asking price, which continues a month-over-month increase of around 1% and comes in slightly higher than the historical average.
- Home sales took a hit this month, falling 7% from last month for a total of 413 units. Sales are expected to increase in the summer months according to seasonal trends.
- 442 homes went into contract in April, a gain of 3.3% month over month which indicates a healthy market.
- New listings jumped significantly this month, rising 9.3% for a total unit count of 505 from the previous 462. While this indicates a -38.7% slide from this time last year, it continues the trend of demand outpacing even a growing inventory.
- Active inventory also saw a significant bump. With a total of 667 units and a month-over-month increase of 22.8%, inventory is only slightly lower than this time last year.
- Average days-to-contract shrunk 30.6% this month to 13—another indicator of strong demand.
If these trends continue, sellers can expect better prices in the next few months, and motivated buyers will be presented with the most options in months.