Reno Metro Area home sales and prices saw a nice pop to close out the year.
The median SFR home price increased to $597,000 in December—climbing 2.6% over November’s median.
Year-over-year, December’s median is up 5.7%.
Despite the increase in the median sales price, the median sold price per square foot (PPSF) pulled back slightly in December 2024—receding 0.7% from November’s number. Year-over-year, however, December’s median sold PPSF of $323.21/sq.ft. is up 7.1%.
Home sales also rose. December saw 342 SFR units sold—a 3.3% increase over November’s 331 units sold.
Available inventory of homes listed and available for purchase currently sits at 735 units—down 15.2% from this time last month; however, is up 28.3% over this time last year. Available inventory has been steadily increasing since April of this year.
Pending sales have taken a breather. There are currently 346 SFRs pending sale. This number is down 18.2% from this time last month. However, is up slightly year-over-year at a 0.6% increase.
December’s months’ supply of inventory (MSI) came in at 2.1 months of supply—down from November’s 2.6 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.
December’s median days on market (DOM) clocked in at 70 days—seven more days than November’s median DOM. Year-over-year, December’s DOM was six days greater than December 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 moderately (2.6%) with the median-priced houses (quartile 2), home prices rose significantly (7.2%) in quartile 3, the highest-priced houses; and actually decreased for homes in quartile 1, the lowest-priced homes.
The median sales price for condo/townhomes also saw a notable increase in December—coming in at $380,000. This number represents a remarkable 24.4% increase over November’s median; however, is down 1.3% year-over-year.
December’s condo/townhome sales were up a noteworthy 27.4% over November’s sales; and up 12.9% 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 |
| Dec 2024 | 342 | $597,000 | $323.21 | 70 | 735 | 346 |
| Nov 2024 | 331 | $582,000 | $325.47 | 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 |
December offered a positive conclusion to 2024 for the Reno Metro Area housing market. While some indicators suggest a potential shift towards a more balanced market in the coming months, with increasing inventory and a slight moderation in price growth, the Reno market continues to be a desirable destination for both buyers and sellers. Stay tuned for our January blog post where we’ll delve into market predictions for 2025!
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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 – January 5, 2025. Note: This information is deemed reliable, but not guaranteed.
