Post-election pending sales surge 11% YoY! Condo/townhome pendings up 5% YoY!
SFR home prices saw a slight increase in November—climbing 0.4% over October’s median.
November’s median home price for the Reno-Sparks real estate market came in at $585,000—a $2,500 increase over October’s median sales price. November’s median is up 5.7% year-over-year.
The median sold price per square foot (PPSF) also rose in November 2024—increasing 3.6% over October’s number. November’s median sold PPSF was $325.49/sq.ft.; and is up 8.9% year-over-year.
Home sales remain steady. November saw 329 units sold—essentially unchanged from the 328 SFRs sold in November 2023. As the market enters the seasonally slower time of year, home sales saw a 21.9% decline from October’s number of sales.
Available inventory of homes listed and available for purchase currently sits at 867 units—down 6.2% from this time last month; however, is up 25.3% over this time last year. Available inventory has been steadily increasing since April of this year.
Pending sales saw a pronounced bump following the election in early November. There are currently 423 SFRs pending sale. This number is up 11.0% over this time last year. Expect December home sales to be noticeably higher year-over-year.
Again, due to seasonality, month-over-month, current pending sales are down 8.4%.
November’s months’ supply of inventory (MSI) came in at 2.6 months of supply—up over October’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.
November’s median days on market (DOM) clocked in at 63 days—three fewer days than October’s median DOM. Year-over-year, November’s DOM was 1 day less than November 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 increased with the median-priced houses (quartile 2), home prices decreased in quartiles 1 and 3 (the lowest-priced houses and highest-priced houses, respectively).
The median sales price for condo/townhomes also saw an increase in November—coming in at $305,375. This number represents a 2.6% increase over October’s median; however, is down 10.2% year-over-year.
November’s condo/townhome sales were up a noteworthy 17.0% year-over-year. However, month-over-month, November’s condo sales were down 11.4%—again, seasonality.
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 |
| Nov 2024 | 329 | $585,000 | $325.49 | 63 | 867 | 423 |
| Oct 2024 | 421 | $582,500 | $314.29 | 66 | 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 |
As we close out November, the Reno-Sparks real estate market shows a robust pattern in pending sales, suggesting a sustained interest despite the seasonal slowdown. This resilience, especially in the condo and townhome segments, underlines a dynamic market environment that can offer both challenges and opportunities. Moving forward, keeping an eye on the inventory levels and the effects of economic policies post-election will be key to understanding future trends. For those considering buying or selling in Reno-Sparks, staying informed with the latest market data will be crucial in making well-informed decisions.
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 – December 7, 2024. Note: This information is deemed reliable, but not guaranteed.
