December 2023 Market Report for Reno and Sparks, Nevada

Home sales down sharply; available inventory down sharply; and the median sales price rebounds 2.3%

The median home price for the Reno-Sparks real estate market rose to $565,500 in December coming off the pullback observed in November. December’s median sales price represents a 2.3% increase over November’s, and is up 8.8% year-over-year.

The median sold price per square foot (PPSF) also rose in December 2023 — coming in at $303.36/sq.ft. — a 1.5% increase over November, and up 6.5% over the same period last year.

Home sales continue to fall. The number of homes sold in December 2023 dropped sharply to 272 — a whopping 17.1% decrease from November’s 328 SFRs sold, and a 19.3% decrease from the same period last year. Low inventory and high mortgage interest rates continue to negatively impact home sales.

Speaking of inventory, the available inventory of homes listed and available for purchase currently sits at only 573 units. This number is also down sharply from this time last month. Inventory is down 17.2% from November’s level, and down a remarkable 27.9% from this time last year. Homeowners do not want to sell their homes, with a 3% mortgage rate, to then have to buy a new home at an 8% mortgage rate.

The number of current pending sales is 344 — a 9.7% decline from this time last month, however is up 5.2% year-over-year.

December’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.

December’s median days on market (DOM) came in at 64 days — unchanged from November’s median DOM. Year-over-year, December’s DOM is 15 days less than December 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 rose at the median price level (quartile 2), home sale prices fell in quartiles 1 and 3 (the lowest-priced houses and highest-priced houses, respectively) — with the sharpest decline observed in quartile 3.

The median sales price for condo/townhomes jumped sharply in December 2023. The median sales price for condo/townhomes rocketed to $384,995, which is a 13.3% increase over November, and up 22.4% 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
Dec 2023 272 $565,500 $303.36 64 575 344
Nov 2023 328 $553,000 $298.89 64 692 381
Oct 2023 348 $575,000 $309.03 61 818 412
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

In wrapping up the December 2023 market report for Reno and Sparks, we observe a market that is adapting and fluctuating under current economic conditions. Despite the sharp decline in home sales and a significant decrease in available inventory, the rebound in median sales prices suggests a resilient demand for housing in the area. The increase in condo and townhome prices further indicates a diversifying market with varied opportunities for buyers and sellers. As we move into the new year, understanding these dynamics will be crucial for navigating the local real estate landscape.

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.

Click here to see Reno Homes for Sale.

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 – January 3, 2023. Note: This information is deemed reliable, but not guaranteed.

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