September 2023 Market Report for Reno and Sparks, Nevada

Home prices and unit sales pull back in September

Like the cooling temps of fall, the Reno-Sparks real estate market seems to be cooling as well.

The median sales price for homes (SFRs) in September 2023 was $562,500, which is a 2.2% decrease from August, however is up 5.8% year-over-year.

The median sold price per square foot (PPSF) also fell in September 2023 — coming in at $307.40/sq.ft. — a 1.1% decrease from August, however is up 2.0% over the same period last year.

As predicted in last month’s market report, the number of homes sold in September 2023 fell sharply. 390 homes sold in September, which is a 14.0% decrease from August’s 430 SFRs sold, and a 22.3% decrease from the same period last year. No doubt 23-year record high mortgage interest rates are negatively impacting home sales.

The current available inventory of homes listed and available for purchase is 809, which is a 1.3% decrease from this time last month, as well as a noteworthy 35.6% decrease from the same time last year. Homeowners do not want to sell their homes, currently with a 3% mortgage rate, to then buy a new home with an 8% mortgage rate.

The number of current pending sales is 459, a 8.4% decrease from this time last month, as well as an 11.7% decrease from this time last year. Expect October sales to be weak.

September’s months’ supply of inventory (MSI) was 2.2 months of supply, which indicates a seller’s market. This figure is calculated by dividing the available inventory by the number of homes sold last month. A balanced market is generally considered to be between four and six months of supply.

September’s median days on market (DOM) came in at 54 days — a decrease of 1 day from August’s median DOM. Year-over-year, September’s DOM is 15 days less than September 2022’s DOM number.

The quartile chart below shows the changes to the 1st, 2nd, and 3rd quartiles of monthly sale prices spanning the most recent 13 months.

This interactive chart allows readers to compare sales price trends within a quartile relative to the trends observed in the other quartiles. For example, as can be seen in the chart above, while home sale prices fell across all quartiles, home sale prices in quartile 3 (the highest-priced houses) saw the sharpest decline — dropping 5.4% from August’s number.

The median sales price for condo/townhomes also fell in September 2023. The median sales price for condo/townhomes was $332,500, which is a 2.1% decrease from August, and a 4.3% decrease from the same period last year.

13 Months of SFR Sales Data

The table below contains the past 13 months of data[1]

Past 13 Months of Home Sales Data
Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Sep 2023 370 $562,500 $307.40 54 809 459
Aug 2023 430 $575,000 $310.79 55 820 501
Jul 2023 439 $570,000 $304.57 49 794 507
Jun 2023 448 $575,000 $306.21 49 751 584
May 2023 418 $555,000 $295.47 49 694 560
Apr 2023 373 $539,950 $292.68 58 606 532
Mar 2023 406 $529,250 $287.30 75 550 512
Feb 2023 276 $512,500 $286.73 86 550 523
Jan 2023 239 $510,000 $289.13 86 645 465
Dec 2022 337 $519,950 $284.81 79 795 327
Nov 2022 350 $550,000 $294.23 73 1,012 376
Oct 2022 377 $540,000 $304.17 76 1,212 412
Sep 2022 476 $531.910 $301.34 68 1,257 520

In conclusion, September brought a notable shift in the Reno-Sparks real estate market. Home prices experienced a slight retreat, while unit sales showed a significant pullback, likely influenced by rising mortgage interest rates. Despite this, year-over-year gains in median prices provide evidence of market resilience. As we enter the fall season, we’ll continue to closely monitor these dynamics and their impact. Thank you for staying informed with us, and we look forward to providing you with the latest updates in the coming months.

1. The residential housing market data reported on above covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Market data includes SFR (Single Family Residence) properties only. Data excludes Condo/Townhouse, Manufactured/Modular properties. Data courtesy of the Northern Nevada Regional MLS – October 3, 2023. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data dating back to 1998 click here.

Click here to see Reno Homes for Sale.

1 comment

  1. Jay

    Well, cooler temperatures and mortgage interest rates have screamed from 2% to 8%.
    And you better have 20% down on insane bubble prices with 820 credit score.
    And banks are pulling back lending hard.
    2006 incoming.

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