January 2024 Market Report for Reno and Sparks, Nevada

YoY home sales UP nearly 6%; Median sales price down sharply by 5.3%

The median home price for the Reno-Sparks real estate market fell to $535,000 in January coming off the bounce observed in December. January’s median sales price represents a 5.3% decrease from December’s; however is up 4.9% year-over-year.

The median sold price per square foot (PPSF) also fell in January 2024 — coming in at $292.49/sq.ft. — a 3.1% decrease from December; however is up 1.2% over the same period last year.

Home sales also fell — although seasonality appears to be the main cause for the decrease. The number of homes sold in January 2024 fell to 253 — a 9.3% decrease from December’s 279 SFRs sold; however, year-over-year, January sales were up a remarkable 5.9% over the same period last year.

Available inventory of homes listed and available for purchase currently sits at only 516 units. This number is also down sharply from this time last month. Inventory is down 9.9% from December’s level, and down a noteworthy 20.0% 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 7% mortgage rate.

Despite the low inventory, the number of current pending sales is 455 — up a staggering 29.4% over this time last month; however is down 4.3% year-over-year.

January’s months’ supply of inventory (MSI) came in at 2.0 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.

January’s median days on market (DOM) came in at 86 days — an increase of 22 days over December’s median DOM. Year-over-year, January’s DOM was unchanged from January 2023’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 at the median price level (quartile 2), home sale prices rose in quartiles 1 and 3 (the lowest-priced houses and highest-priced houses, respectively).

The median sales price for condo/townhomes also fell sharply in January 2024. The median sales price for condo/townhomes fell to $345,000, which is a 10.4% decrease from December; however is up 7.0% 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
Jan 2024 253 $535,000 $292.49 86 516 445
Dec 2023 279 $565,000 $301.91 64 575 344
Nov 2023 328 $553,500 $298.89 64 692 381
Oct 2023 348 $575,000 $308.78 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

As we delve into 2024, the Reno-Sparks, Nevada housing market continues to reveal a complex narrative of fluctuating sales and prices amidst varying inventory levels. The notable year-over-year increase in sales juxtaposed with a sharp decline in median sales prices and inventory highlights the ongoing challenges and opportunities facing buyers and sellers alike. Despite these dynamics, the substantial increase in pending sales suggests a resilient demand. As the market navigates through these trends, it remains pivotal for stakeholders to stay informed and adaptable. With a keen eye on market shifts and a strategic approach, there are valuable opportunities to be seized in the Reno-Sparks 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 – February 9, 2024. Note: This information is deemed reliable, but not guaranteed.

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