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

Strong sales continue in June. June’s median home price climbs to $600,000—a new two-year high!

Despite mortgage rates at over 7%, robust home sales continue in Reno Metro Area. Home prices reach a new two-year high!

June’s median home price for the Reno-Sparks real estate market rose to $600,000—representing a 1.7% one-month increase over May’s median, and a 4.3% year-over-year increase. Year-to-date, the Reno Metro Area’s median sales price has gained a remarkable 12.3%.

Despite the increase observed in the median sales price, the median sold price per square foot (PPSF) pulled back in June 2024—coming in at $318.57/sq.ft.—a 1.2% decrease from May’s number; however up 4.0% over the same period last year.

Home sales came in strong for the month of June—coming in at 391 units sold. Though technically down from May’s 433 homes sold, it should be noted that June had only 20 business days in the month compared to the May’s 23 business days. Equalizing for this disparity in business days, places June’s sales higher than those observed in May.

Available inventory of homes listed and available for purchase currently sits at 787 units—up considerably over this time last month. Inventory is up 10.7% over May’s level; and up 4.8% over this time last year. It should be noted that this is the third consecutive year-over-year increase in inventory—a trend not seen since April 2023.

Pending sales slid from the previous month’s. There are currently 524 SFRs pending sale. This number is down 9.7% from this time last month; and is down 10.3% over this time last year.

June’s months’ supply of inventory (MSI) came in at 2.0 months of supply—up over May’s 1.6 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.

June’s median days on market (DOM) clocked in at 50 days—an increase of 3 days over May’s median DOM. Year-over-year, June’s DOM was one day more than June 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 each 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 in quartile 2 (mid-priced houses) and quartile 3 (the highest-priced houses), home prices decreased in quartile 1 (the lowest-priced houses).

Unlike the median sales price seen with SFRs, the median sales price for condo/townhomes fell in June. The median sales price for condo/townhomes dropped to $337,500—a hefty 10.0% decrease from May’s median; however, still up 0.7% year-over-year.

Condo/townhome sales were relatively flat—both month-over-month and 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
Jun 2024 391 $600,000 $318.57 50 787 524
May 2024 433 $590,000 $322.30 47 711 580
Apr 2024 381 $565,000 $306.11 46 614 531
Mar 2024 337 $575,000 $298.44 57 501 509
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 64 573 344
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

As Reno’s real estate market continues to adjust to changing economic conditions, the increase in median home prices coupled with a steady sales pace signals a resilient market. The slight increase in MSI and a modest rise in days on market reflect a market that is gradually balancing, offering opportunities for both buyers and sellers. With inventory levels showing a year-over-year increase for the third consecutive month, potential buyers may find more options available, suggesting a possible shift towards a more balanced market in the coming months. As we move into the second half of the year, keeping an eye on inventory trends and market responses to economic factors will be crucial for anyone involved in the Reno-Sparks real estate market.

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. Market data includes SFR (Single Family Residence) properties only — except where noted differently. Data courtesy of the Northern Nevada Regional MLS – July 2, 2024. Note: This information is deemed reliable, but not guaranteed.

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