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]…
| 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.
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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.
