October surprises with a spike in SFR home sales; Condo prices plummet!
SFR home prices continue to slide in October—decreasing 0.2% from September’s median.
October’s median home price for the Reno-Sparks real estate market came in at $587,000—a $1,250 drop from September’s median sales price. Despite its drop, October’s median remains up 2.1% year-over-year.
The median sold price per square foot (PPSF) also fell in October 2024—decreasing 3.9% from September’s number. October’s median sold PPSF was $315.53/sq.ft.; however, is up 2.2% year-over-year.
Home sales remain robust. October saw 415 units sold. This number is up 2.2% over the 406 homes sold in September; and is up a substantial 18.9% over the same period last year.
Available inventory of homes listed and available for purchase currently sits at 924 units—down 4.4% over this time last month; however, is up 13.0% over this time last year. It should be noted that this is the first month-over-month decrease in available inventory since February of this year.
Pending sales pulled back in October. There are currently 462 SFRs pending sale. This number is down 5.1% from this time last month; however is up a noteworthy 12.1% over this time last year.
October’s months’ supply of inventory (MSI) came in at 2.2 months of supply—down slightly from September’s 2.4 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.
October’s median days on market (DOM) clocked in at 65 days—an increase of 3 days over September’s median DOM. Year-over-year, October’s DOM was 4 days more than October 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 slightly with the median-priced houses, home prices increased in quartiles 1 and 3 (the lowest-priced houses and highest-priced houses respectively).
Whereas October’s drop in SFR home prices was essentially flat, the median sales price for condo/townhomes plummeted. The median sales price for condo/townhomes fell to $299,000—an incredible 25.3% decrease from September’s median. Year-over-year, condo/townhome prices are down 5.1%.
Condo/townhome sales also fell in October—coming in at 69 sales for the month. This number is down 19.8% from September sales; and is down 4.2% 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 |
| Oct 2024 | 415 | $587,000 | $315.53 | 65 | 924 | 462 |
| Sep 2024 | 406 | $588,250 | $328.37 | 62 | 967 | 487 |
| Aug 2024 | 388 | $609,975 | $321.53 | 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 we look ahead, the Reno-Sparks housing market presents a mixed landscape, reflecting the complexities of the current economic environment. While SFRs show resilience with a slight uptick in sales, the significant downturn in condo prices suggests a market adjustment that could impact future buyer and seller behavior. Staying informed and agile will be key as we navigate the changing tides of our local real estate market. Keep an eye on this space for the latest developments and expert insights to guide your real estate decisions in Reno-Sparks, Nevada.
Thinking of selling your home and looking for guidance in the current market? Schedule a consultation with us 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 – November 5, 2024. Note: This information is deemed reliable, but not guaranteed.
Ian McLeod
Love the data. I’m a local investor with Reno-Tahoe House Partners. Keep the info coming!
Guy Johnson
Our pleasure, Ian! Will do! And thank you for reading our blog!!