Reno/Sparks Market Report
This report will help you stay informed about your buying and selling decisions by breaking down the numbers and finding the trends.
Click here for a printable version of these charts
In August 2023, the Reno-Sparks real estate market demonstrated remarkable resilience. Despite a 7.5% increase in available listings and a slight 1% dip in home sales, the median price rebounded to the year’s highest at $575,000. This rebound underscores the continued demand for housing in the region, even in the face of rising mortgage rates.
However, it’s crucial to acknowledge that this demand remains below average. In August 2023, a total of 428 homes were sold in the Reno-Sparks area, marking a 30% to 35% decrease from pre-pandemic sales in the summer months of 2016 – 2019. The decline in home sales can be largely attributed to affordability challenges in the area, where high home prices and increasing mortgage interest rates have created hurdles for potential buyers.
Currently, there are 820 homes listed and available for purchase, still significantly lower than pre-pandemic levels. This limited inventory has been a key factor in maintaining the local market’s strong median price. However, it’s worth noting that available housing inventory has been steadily increasing since March, as reflected in our graphs.
Click here for a printable version of these charts
As the Reno-Sparks real estate market moves toward stabilization, it’s crucial for both buyers and sellers to stay vigilant. Buyers may find some relief in the growing inventory of available homes, while sellers should adjust their pricing strategies to adapt to a potentially more competitive market.
With mortgage rates expected to remain relatively high, it’s likely that the Reno-Sparks market will continue to experience slower sales in the short term. As we transition into September, we anticipate this trend will persist, potentially resulting in sales weaker than the average. So, as we head into the fall and winter season, we might see some cooling off, not just in the weather but also in housing prices.
If you have any questions about this report, real estate in our region, or the value of your home, don’t hesitate to reach out. It would be a pleasure to assist you.
