The Reno-Sparks real estate market saw a decline in median sales price for the first time in the last four months. From the established price ceiling of $575,000, November saw a decrease of nearly 3.5% to $555,000.

While this isn’t great news for the market, this decline was expected for two main reasons: low transactional sales volume throughout this year, and seasonality. 2023 has seen a nearly 30% decrease from the historical average in transactional sales volume. As we head into the low season for the Reno-Sparks real estate market, especially in combination with these lower volumes, buyer demand and home prices are likely to maintain at lower levels.

Watch the latest Reno-Sparks Real Estate Market Trends


November Reno-Sparks Real Estate Trends

  • Median home price in November was $555,000. A decrease of 3.5% month-over-month, but an increase of 1% year-over-year. Looking at historical trends, it’s likely that December will end the year with a median home price around $550,000, indicating a 5%-6% appreciation for the year overall.
  • 324 homes were sold in the Reno-Sparks area in November, a 5% decrease month-over-month and 7% decrease year-over-year. With the seasonality of the market, this trend is likely to continue through February 2024.
  • In November, 289 new homes entered contract – down 10% month-over-month and 7% year-over-year. Compared to past data, this is an historic low. This metric is indicative of low demand in the market.
  • 268 new listings were also brought to the Reno-Sparks market in November, a decrease of 28% month-over-month, and 6% year-over-year. This low seller inventory, combined with the market’s low buyer demand, is keeping the local market in a place of stabilization.
  • November saw 721 homes in active inventory. This 12% month-over-month decrease and 29% year-over-year decrease, combined with the other market statistics, indicates a buyer’s market in the Reno-Sparks area.
  • Buyers are taking more time to consider their options and get into contract. Average days to contract increase 22% month-over-month to 35 days—still an 18% decrease year-over-year.
  • Homes in the market are currently closing at 97.9% of asking price. While this is nearly normal, it is starting to decline, supporting the trend of a buyer’s market in the Reno-Sparks area.

As the Reno-Sparks real estate market continues to be impacted by seasonality, these lowered statistics are likely to continue. However, with a combination of low inventory and low buyer demand, the market is likely to remain stable heading into the final month of the year and beyond.

Stay informed about the latest trends in the Reno-Sparks real estate market. For more information about buying or selling a home in Northern Nevada, contact one of our neighborhood experts today.