The Reno-Sparks real estate market continues the trend toward stabilization. July was the first month this year in which median home value did not appreciate, likely due to affordability factors in the local market.
Mortgage rates continue to rise this year, creating low demand in the Reno-Sparks market. The current national economic outlook indicates that there’s little motivation to decrease these mortgage rates soon. Current mortgage rates continue to stabilize the real estate market, keeping demand and supply at similar levels.
Dive into the numbers with me in the July Reno-Sparks real estate market update
What you need to know about Reno-Sparks real estate trends
- 438 homes sold in the Reno-Sparks area in July—a 3% month-over-month decrease and a 1% year-over-year increase. Compared to sales volume in 2017-2019, which averaged 550-600 homes, this indicates a significantly lowered demand.
- In July, 424 homes went into contract, a decrease of 4.5% month-over-month. Historical averages for July show 500-600 new contracts indicating a below-average demand.
- There were 509 new listings in July, a decrease of 9.9% month-over-month and 28.1% year-over-year. This low number of new listings combined with the low level of demand in the Reno-Sparks real estate market is keeping the market stabilized and prices sustained.
- In July, there were 772 homes in active inventory—about half of the historical average and what would be considered normal for the market.
- The average days-to-contract currently sits at 19 days. While this has increased quite a bit in the last three years, it’s still relatively quick compared to the average of 35-40 days to contract.
- Homes sold for 98.9% of asking price on average in July, supporting the stabilization of the market.
