Reno-Sparks Real Estate Pulse: February 2024 Market Insights

Median sales price UP 6.8% Y-o-Y; home sales UP 9.8% Y-o-Y

The median home price for the Reno-Sparks real estate market rose to nearly $550,000 in February. February’s median sales price represents a notable 2.9% one-month increase over January’s median; and a healthy 6.8% year-over-year increase.

The median sold price per square foot (PPSF) also increased in February 2024—coming in at $317.49/sq.ft.—a noteworthy 8.5% increase over January’s number; and up 10.7% over the same period last year.

Home sales also climbed. The number of homes sold in February 2024 rose to 302—a whopping 18.0% increase over January’s 256 SFRs sold; and up 9.8% over the same period last year.

Available inventory of homes listed and available for purchase currently sits at only 488 units—down from this time last month. Inventory is down 5.4% from January’s level, and down a noteworthy 11.3% 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 458—up 2.9% over this time last month; however is down 12.4% year-over-year. Expect March sales to be weak.

February’s months’ supply of inventory (MSI) came in at a mere 1.6 months of supply–indicative of 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.

February’s median days on market (DOM) clocked in at 72 days—a decline of 15 days from January’s median DOM. Year-over-year, February’s DOM was also down 15 days from February 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 remained relatively flat in quartile 1 (the lowest-priced houses); quartile 3 saw a pronounced uptick in house prices.

The median sales price for condo/townhomes fell in February. The median sales price for condo/townhomes dropped to $335,000—a 2.9% decrease from January; however a noteworthy 11.2% year-over-year increase.

Condo/townhome sales, however, were up strongly—up 18.8% over January sales, and up a whopping 43.4% 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
Feb 2024 302 $549,950 $317.49 72 488 458
Jan 2024 256 $534,500 $292.49 87 516 445
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 275 $515,000 $286.73 87 550 523

As we wrap up our February 2024 Reno-Sparks Real Estate Pulse, the latest data signals a robust year-on-year growth that underpins the market’s resilience and vitality. With median sales prices climbing by 7.3% and home sales soaring by 9.8% compared to last year, the local housing landscape is a testament to its enduring appeal and the underlying strength of the economy. Despite facing inventory challenges, as evidenced by a slim 1.6 months’ supply indicating a strong seller’s market, and an evolving condo/townhome sector, the Reno-Sparks area continues to attract buyers and investors alike. The shifting dynamics, from median days on market to burgeoning condo sales, underscore a market ripe with opportunities and challenges.

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 – March 5, 2024. Note: This information is deemed reliable, but not guaranteed.

Leave a Reply

Your email address will not be published. Required fields are marked *