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]…
| 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.
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For historical home sale data dating back to 1998 click here.
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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.
