November 2023 Market Report for Reno and Sparks, Nevada

Home sales down sharply; available inventory down sharply; and the median sales price drops 3.4%

The median home price for the Reno-Sparks real estate market fell to $555,413 in November. November’s median sales price represents a 3.4% decrease from October’s, however is still in positive territory year-over-year with a 1.0% gain.

The median sold price per square foot (PPSF) also fell in November 2023 — coming in at $300.43/sq.ft. — a 2.9% decrease from October, however up 2.1% over the same period last year.

Home sales continue to fall. The number of homes sold in November 2023 dropped sharply to 324 — a 6.6% decrease from October’s 347 SFRs sold, and a 7.4% decrease from the same period last year. Low inventory and high mortgage interest rates continue to negatively impact home sales.

Speaking of inventory, the current available inventory of homes listed and available for purchase is 692. This number is also down sharply from this time last month. Inventory is down 15.4% from October’s level, and down a remarkable 31.6% from this time last year. Homeowners do not want to sell their homes, currently at a 3% mortgage rate, to then have to buy a new home with an 7.5% mortgage rate.

The number of current pending sales is 381 — a 7.5% decline from this time last month, however is up a modest 1.3% year-over-year.

November’s months’ supply of inventory (MSI) was 2.1 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.

November’s median days on market (DOM) came in at 64 days — an increase of 3 days over October’s median DOM. Year-over-year, November’s DOM is 9 days less than November 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 quartiles 1 and 2 (the lowest-priced houses and median-priced houses, respectively) saw sharper declines than the highest-priced houses in quartile 3.

Unlike the decrease in the median sales price exhibited with SFRs, the median sales price for condo/townhomes rose in November 2023. The median sales price for condo/townhomes was $339,900, which is a 7.9% increase over October, and up 8.6% year-over-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
Nov 2023 324 $555,413 $300.43 64 692 381
Oct 2023 342 $575,000 $308.63 60 818 412
Sep 2023 376 $562,500 $306.05 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

The Reno-Sparks real estate market in November 2023 has experienced a slowdown, reflecting broader economic trends. While we’re seeing a decrease in home sales and inventory alongside a dip in median sales prices, it’s crucial to view these shifts within the larger context of the market’s overall resilience and long-term potential. The positive year-over-year growth in median sales price, despite current challenges, indicates a market that continues to hold its value. Whether this slowdown continues into 2024 remains to be seen, but we believe these statistics offer valuable information to you, the Reader. Feel free to leave your comments below.

Thinking of selling your home and looking for guidance in the current market? Schedule a consultation with me to get personalized advice on your real estate goals.

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

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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 – December 7, 2023. Note: This information is deemed reliable, but not guaranteed.

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