Reno-Sparks Real Estate Pulse: March 2024 Market Insights

Median sales price UP 4.6% M-o-M; and UP 8.6 Y-o-Y! Home sales continue to lag Y-o-Y

The median home price for the Reno-Sparks real estate market rocketed to $575,000 in March—marking a notable 4.6% one-month increase over February’s median; and a healthy 8.6% year-over-year increase.

Interestingly, this is the fourth instance since June 2023 where the monthly median sales price has hit the [seemingly] upper resistance level of $575,000 (See the chart above). Will April be the month for a breakout?

However the median sold price per square foot (PPSF) fell month-over-month in March 2024—coming in at $297.98/sq.ft.—a 5.9% decrease from February’s number; but up 3.7% over the same period last year.

Home sales climbed for the month, yet are still behind year-over-year numbers. The number of homes sold in March 2024 rose to 336—a 9.1% increase over February’s 308 SFRs sold; and down 17.2% from the same period last year.

Available inventory of homes listed and available for purchase currently sits at 509 units—up from this time last month. Inventory is up 2.7% over February’s level, however is down a noteworthy 8.9% from this time last year. Homeowners remain reluctant to sell their homes and give up their existing 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 509—up 11.1% over this time last month; however is down 0.6% year-over-year. The market is now in the spring home buying season.

March’s months’ supply of inventory (MSI) came in at a mere 1.5 months of supply—the lowest level observed since March of last year. 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.

March’s median days on market (DOM) clocked in at 57 days—a decline of 16 days from February’s median DOM. Year-over-year, March’s DOM was also down—18 days from March 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 increased in all quartiles, quartile 1 (the lowest-priced houses) saw the steepest increase in home prices.

The median sales price for condo/townhomes also rose in March. The median sales price for condo/townhomes climbed to $350,000—a 4.5% increase over February’s median; as well as a noteworthy 11.1% year-over-year increase.

Condo/townhome sales, however, were down strongly—down 10.5% from February sales, and down 15.0% 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
Mar 2024 336 $575,000 $297.98 57 488 458
Feb 2024 308 $549,950 $316.81 73 488 458
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

As we wrap up our analysis of the Reno-Sparks real estate market for March 2024, it’s evident that the region is experiencing a dynamic period of growth and change. With median sales prices reaching new heights and the market showing signs of a robust seller’s advantage, both buyers and sellers need to navigate these trends with strategic insight. The notable month-over-month sales increase amidst a backdrop of declining year-over-year sales volumes highlights the market’s complex nature. As we move further into the spring buying season, keeping a close eye on these developments will be key for those looking to make informed decisions in the Reno-Sparks real estate market.

As always, we welcome your comments.

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 – April 2, 2024. Note: This information is deemed reliable, but not guaranteed.

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