The National Association of REALTORS® has released its Existing-Homes Sales report for December 2024. Let’s see how the Reno Metro Area compares nationally.
The national housing market experienced a mixed bag in December 2024, with sales increasing modestly while prices remained elevated. The Reno Metro Area, however, demonstrated its own unique trajectory, showcasing a resilient market with some key differences from the national picture.
Reno’s Sales Surge:
• Local Strength: Existing-home sales1 in Reno jumped by 21.0% year-over-year in December, outpacing the national growth of 9.3%. This robust increase suggests continued strong demand in the Reno market.
• Month-over-Month: Sales also saw a slight uptick of 1.8% from November to December, slightly lower than than the 2.2% increase seen nationally—however, indicating a positive trend heading into the traditionally slower winter months.
Price Trends:
• Steady Growth: Reno’s median home price1 in December 2024 reached $512,450, representing a 2.5% year-over-year increase. While this growth is slower than the national average of 6.0%, it demonstrates continued appreciation in the Reno market. For comparison, nationally, the median existing-home sales price for December 2024 was $404,400.
• Slight Dip: It’s worth noting a slight monthly price decrease from November to December. This minor fluctuation is not uncommon during the holiday season and may not necessarily indicate a market downturn.
Inventory and Market Dynamics:
• Tightening Market: Reno’s months of supply in December 2024 stood at 1.51 MSI, indicating a seller’s market. This figure is slightly higher than the previous month (1.79) but remains significantly below the national average of 3.3 months.
• Inventory Dip: The total number of homes for sale in December 2024 (1,017) decreased slightly compared to November (1,187)—a 14.3% decline. However, inventory levels for the Reno Metro area are up 35.4% year-over-year. For comparison, total housing inventory nationally at the end of December was down 13.5% from November but up 16.2% from one year ago.
• Days on Market: Homes in Reno sold slightly faster in December 2024, with an average of 95 days on market compared to 96 days in December 2023. This trend aligns with the overall tight market conditions.
Key Takeaways:
• The Reno Metro Area housing market continues to exhibit strong demand, with healthy sales growth and steady price appreciation.
• Tight inventory levels and limited supply continue to drive competition among buyers.
• While mortgage rates remain elevated, the Reno market appears to be weathering the impact and attracting continued buyer interest.
1 For National data: Existing-home sales and median sales price data include single-family, townhomes, condominiums and co-ops, and are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series.
For the Reno Metro data: 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, townhomes, condominiums and co-ops. Data courtesy of the Northern Nevada Regional MLS – January 26, 2025. Note: This information is deemed reliable, but not guaranteed.
