The U.S. housing market has been a topic of much discussion recently, with national headlines pointing to significant shifts favoring buyers. Recent reports from Redfin, like the ones that have caught our attention this past week, paint a picture of these broader trends:
- New Listings Hit Highest Level in Nearly 3 Years May – Redfin, May 22, 2025
- The U.S. Housing Market Has Nearly 500,000 More Sellers Than Buyers—the Most on Record – Redfin, May 29, 2025
- U.S. Home Sellers Are Sitting on Nearly $700 Billion Worth of Listings, an All-Time High – Redfin, June 2, 2025
But how does the local Reno, NV Metro area stack up against these broader movements? Let’s delve into the data to see where our market aligns and where it charts its own course.
A Tale of Two Markets: Inventory and Supply
Nationally, the housing supply is at a five-year high, with a significant increase in active listings (16.7% year-over-year) and new listings reaching a three-year high (up 8.6%). Homes are also sitting on the market longer, with the typical U.S. home taking 40 days to go under contract, and a notable 44% of listings lingering for 60 days or more. This indicates a growing inventory and a less frenzied pace.
In Reno, we’re seeing a similar, though perhaps less dramatic, trend in inventory. Active single-family residential (SFR) listings have increased by a healthy 19.3% year-over-year, with 948 SFRs currently on the market compared to 711 last year. We’ve also seen 368 new homes listed in the last 30 days. Our median days on market is 51 days, slightly longer than the national average, suggesting that homes in Reno are taking more time to sell. Furthermore, 39.2% of our currently listed SFRs have been on the market for 60 days or longer, aligning with the national trend of increasing “stale” inventory.
Demand and Sales: A Cooling Trend
Across the U.S., buyer demand is weakening due to high costs and economic uncertainty. Pending sales are at their lowest level since 2015, and overall home sales are declining. This shift is creating a market where sellers increasingly outnumber buyers.
Reno mirrors this cooling demand. Our pending SFR sales are down 9.5% compared to the same period last year, with 525 SFRs currently under contract. Similarly, closed SFR sales in May 2025 were down 1.2% year-over-year, with 421 homes sold. While not as steep a decline as some national figures, it clearly indicates a slowdown in buyer activity locally.
Prices and Affordability: Stability Amidst National Fluctuations
Nationally, Redfin predicts a 1% drop in home prices by the end of 2025, driven by the growing imbalance between buyers and sellers. While the median U.S. home sale price saw a modest 1.4% year-over-year increase in April, the median asking price was up 6%. Monthly housing payments nationally have hit an all-time high of $2,882.
In Reno, our price trajectory appears more stable, perhaps even resilient. The median SFR home sale price is $595,950, up a modest 0.6% year-over-year. The median asking price, at $599,950, is up just 0.1% year-over-year, essentially unchanged. This suggests that while national prices might be on the cusp of a decline, Reno’s values are holding steady. Local estimated monthly housing payments for a $500,000 home fall between $2,300 and $3,360, reflecting the ongoing affordability challenge that buyers face everywhere.
Market Dynamics: A Nuanced Picture
Despite the increasing inventory and slowing sales, the Reno market is still categorized as a seller’s market. This is a key differentiator from the national picture, where many major metros are now firmly in buyer’s market territory. While the exact ratio of sellers to buyers isn’t available for Reno, the sustained “seller’s market” designation implies that while conditions are softening, sellers may still hold a slight edge in negotiations, albeit a less dominant one than during peak frenetic periods.
Conclusion: Navigating Reno’s Unique Housing Landscape
The Reno housing market is undoubtedly experiencing the ripples of national trends, particularly in terms of increasing inventory and slowing sales. However, it exhibits a unique resilience in home prices, which have remained relatively stable compared to the predicted national downturn. While nationally, the power has definitively shifted to buyers, Reno’s market is currently characterized as a seller’s market, though one where properties are taking longer to sell.
For both buyers and sellers in Reno, understanding these nuances is critical. Buyers may find more options and potentially less intense competition than in previous years, but significant price drops are not yet the norm. Sellers, while still holding some leverage, should be prepared for longer marketing times and potentially more negotiation than they might have experienced in the recent past. As the market continues to evolve, staying informed with local data will be key to making strategic real estate decisions in the Reno Metro area. Here at the Reno Realty Blog, we’ll be watching the numbers closely to see if and when the Reno Metro market shifts from a Seller’s market.
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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 – June 3, 2025. Note: This information is deemed reliable, but not guaranteed.
