SFR home prices pull back significantly—While condo prices skyrocket!
SFR home prices pulled back substantially in September—falling 3.7% from August’s median.
September’s median home price for the Reno-Sparks real estate market came in at $587,500—more than $22,000 off of August’s. Despite its drop, August’s median remains up 4.4% year-over-year.
Notwithstanding the median sales price falling, the median sold price per square foot (PPSF) saw an increase in September 2024—climbing 2.1% over August’s number. August’s median sold PPSF was $328.47/sq.ft., and is up 7.3% year-over-year.
Home sales remain robust. September saw 401 units sold. This number is up 3.9% over the 386 homes sold in August; and is up 6.6% over the same period last year.
Available inventory of homes listed and available for purchase currently sits at 967 units—up 1.7 % over this time last month; and up 19.5% over this time last year. It should be noted that this is the sixth consecutive monthly year-over-year increase in inventory—a trend not observed since April 2023.
Pending sales pulled back in September. There are currently 487 SFRs pending sale. This number is down 3.0% from this time last month; however is up 6.1% over this time last year.
September’s months’ supply of inventory (MSI) came in at 2.4 months of supply—nearly unchanged from August’s 2.5 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.
September’s median days on market (DOM) clocked in at 62 days—an increase of 9 days over August’s median DOM. Year-over-year, September’s DOM was 8 days more than September 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 across all quartiles, the small decline in quartile 3 (highest-priced houses) was barely perceptible.
Whereas September’s drop in SFR home prices was significant, the median sales price for condo/townhomes skyrocketed. The median sales price for condo/townhomes shot to $400,000—an incredible 19.4% increase over August’s median. Year-over-year, condo/townhome prices are up a whopping 20.3%.
Condo/townhome sales also gained in September—coming in at 86 sales for the month. This number is up 14.7% over August sales; however is down -2.3% 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 |
| Sep 2024 | 401 | $587,500 | $328.47 | 62 | 967 | 487 |
| Aug 2024 | 386 | $609,975 | $321.77 | 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 |
As the Reno-Sparks housing market continues to adapt to changing economic conditions, September’s mixed signals reflect a market in transition. The significant pullback in SFR prices coupled with a surge in condo prices suggests a shifting landscape that could offer new opportunities for both buyers and sellers in the coming months. Staying informed and responsive to these trends is key for anyone looking to navigate the complexities of the real estate market effectively. For more detailed insights and up-to-date information on the Reno-Sparks housing market, stay connected with our monthly updates.
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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 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 – October 3, 2024. Note: This information is deemed reliable, but not guaranteed.
