Reno-Sparks, NV Real Estate Pulse: May 2024 Market Insights

May sees median home price hit a new two-year high!

Despite mortgage rates at over 7%, the Reno Metro Area saw increased homes sales and a new two-year high median sales price.

The most-recent high of $575,000 was first reached in June 2023; then subsequently again in August 2023, October 2023, and, most recently in March of this year. But that $575,000 ceiling was shattered in May when the median sales price rocketed to a whopping $590,000!

May’s median home price for the Reno-Sparks real estate market represents a whopping 4.4% one-month increase over April’s median, and a 6.3% year-over-year increase. Year-to-date, the Reno Metro Area’s median sales price has risen 10.4%.

The median sold price per square foot (PPSF) saw even larger gains in May 2024—coming in at $322.30/sq.ft.—a 5.3% increase over April’s number; and up 9.2% over the same period last year.

Home sales saw a healthy increase for the month. The number of homes sold in May 2024 rose to 433—a 13.6% increase over April’s 381 SFRs sold; and up 3.1% over the same period last year.

Available inventory of homes listed and available for purchase currently sits at 711 units—up considerably over this time last month. Inventory is up 15.8% over April’s level; and up 2.4% over this time last year. It should be noted that this is the second consecutive year-over-year increase in inventory—a trend last observed in April 2023.

Pending sales are also up over the previous month’s. There are currently 580 SFRs pending sale. This number is up 9.2% over this time last month; and is up 3.6% over this time last year. Expect healthy sales in June.

May’s months’ supply of inventory (MSI) came in at 1.6 months of supply—unchanged from April’s MSI. 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.

May’s median days on market (DOM) clocked in at 47 days—an increase of 1 day over April’s median DOM. Year-over-year, May’s DOM was two days fewer than May 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 across all quartiles, home prices in quartile 3 (the highest-priced houses) saw the greatest increase. This observation is consistent with my previous blog post: Reno’s Luxury Home Market on the Rise

The median sales price for condo/townhomes also rose in May. The median sales price for condo/townhomes climbed to $375,000—a 2.5% increase over April’s median; as well as a noteworthy 9.1% year-over-year increase.

Condo/townhome sales also rose—up 3.6% over April sales; and up 10.3 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
May 2024 433 $590,000 $322.30 47 711 614
Apr 2024 381 $565,000 $306.11 46 614 531
Mar 2024 337 $575,000 $298.44 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 420 $555,000 $295.19 49 694 560

As we move deeper into the traditional high season for real estate, Reno-Sparks is witnessing robust activity, evidenced by rising sales and a significant leap in median home prices. The market’s resilience, even amidst higher mortgage rates, underscores the strong demand and limited supply driving prices upwards. With inventory levels showing a rare year-over-year increase and a solid pace in pending sales, the local real estate market seems poised for a bustling summer. Whether you’re buying or selling, staying informed on these trends is crucial as the landscape continues to evolve.
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 – June 5, 2024. Note: This information is deemed reliable, but not guaranteed.

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