Sales drop; Inventory rises; Condo prices drop; SFRs prices flat
SFRs prices remain unchanged in August—with August’s median sales price coming in at $610,000.
August’s median home price for the Reno-Sparks real estate market held at $610,000—representing no change from July’s median, and a 6.1% year-over-year increase. Year-to-date, the Reno Metro Area’s median sales price has gained a remarkable 15.1%.
Despite the median sales price remaining unchanged, the median sold price per square foot (PPSF) increased in August 2024—coming in at $321.78/sq.ft.—a 1.9% increase over July’s number; and up 3.5% over August last year.
Home sales fell sharply for the month of August—tallying only 379 units sold—down 9.8% from July’s number; and down 11.9% from the same period last year.
Available inventory of homes listed and available for purchase currently sits at 951 units—up 3.7 % over this time last month; and up 16.0% over this time last year. It should be noted that this is the fifth consecutive year-over-year increase in inventory—a trend not observed since April 2023.
Pending sales rose modestly over the previous month’s. There are currently 502 SFRs pending sale. This number is up 5.0% over this time last month and is up 0.2% over this time last year.
August’s months’ supply of inventory (MSI) came in at 2.5 months of supply—up over July’s 2.2 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.
August’s median days on market (DOM) clocked in at 53 days—an increase of 1 day over July’s median DOM. Year-over-year, August’s DOM was two days fewer than August 2023’s DOM number.
The quartile chart below shows the trends within the 1st, 2nd, and 3rd quartiles of monthly sale prices spanning the most recent 13 months.
The above 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 decreased in quartile 1 (lowest-priced houses), home prices remained flat in quartile 2 (mid-priced houses), and increased in quartile 3 (highest-priced houses).
August also saw a drop in the median sales price for condo/townhomes. The median sales price for condo/townhomes pulled back to $335,000—a substantial 7.6% decrease from July’s median, and down 1.3% year-over-year.
Condo/townhome sales also slid in August—coming in at only 75 sales for the month. This number is down 12.8% from July sales; and is down a hefty 21.9% 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 |
| Aug 2024 | 379 | $610,000 | $321.78 | 53 | 951 | 502 |
| Jul 2024 | 420 | $610,000 | $315.75 | 52 | 917 | 478 |
| Jun 2024 | 401 | $600,000 | $318.13 | 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 |
As we transition from summer into fall, the Reno-Sparks real estate market continues to display resilience despite fluctuations in home sales and prices. The consistent rise in inventory, coupled with moderate adjustments in home prices, suggests a balanced approach to the local housing landscape. Buyers and sellers alike should remain attentive to these trends as they navigate the market. For more detailed insights and to stay updated with the latest market trends, keep following our monthly reports. Whether you’re looking to buy or sell, understanding these dynamics can significantly inform your decisions and strategies.
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.
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1. The residential housing market data reported on above covers the Reno Metro Area, including 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 – September 7, 2024. Note: This information is deemed reliable, but not guaranteed.
