Strong sales continue in July. July’s median home price climbs to $610,000—a new two-year high!
Despite mortgage rates at over 7%, robust home sales continue in the Reno Metro Area. Home prices have reached a new two-year high—and are only $5,000 below the all-time high of $615,000 set in May 2022.
July’s median home price for the Reno-Sparks real estate market rose to $610,000—representing a 1.7% one-month increase over June’s median, and a 7.0% year-over-year increase. Year-to-date, the Reno Metro Area’s median sales price has gained a remarkable 15.1%.
Despite the increase observed in the median sales price, the median sold price per square foot (PPSF) pulled back slightly in July 2024—coming in at $315.52/sq.ft.—a 0.8% decrease from June’s number; however, it is up 3.6% over July last year.
Home sales came in strong for the month of July—tallying 419 units sold—up 4.5% over June’s number; however, down 4.6% from the same period last year.
Available inventory of homes listed and available for purchase currently sits at 917 units—up considerably over this time last month. Inventory is up 16.5% over June’s level and up 15.5% over this time last year. It should be noted that this is the fourth consecutive year-over-year increase in inventory—a trend not seen since July 2023.
Pending sales slid from the previous month’s. There are currently 478 SFRs pending sale. This number is down 8.8% from this time last month and is down 5.7% over this time last year.
July’s months’ supply of inventory (MSI) came in at 2.2 months of supply—up over June’s 2.0 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.
July’s median days on market (DOM) clocked in at 52 days—an increase of 2 days over June’s median DOM. Year-over-year, July’s DOM was three days more than July 2023’s DOM number.
The quartile chart below shows the changes to 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 across quartiles 1 and 2 (lowest-priced and mid-priced houses, respectively), home prices decreased in quartile 3 (highest-priced houses).
July also saw an increase in the median sales price for condo/townhomes. The median sales price for condo/townhomes jumped to $369,000—a hefty 7.4% increase over June’s median and up 9.8% year-over-year.
Condo/townhome sales remain flat—coming in at 86 sales for the third consecutive month; and down a slight 1.1% 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 |
| Jul 2024 | 419 | $610,000 | $315.52 | 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 |
| Aug 2023 | 430 | $575,000 | $310.79 | 55 | 820 | 501 |
| Jul 2023 | 439 | $570,000 | $304.57 | 49 | 794 | 507 |
As the Reno-Sparks market continues to ebb and flow with significant gains in median home prices and varying inventory levels, it remains a prime landscape for both buyers and sellers. The increasing inventory provides more options for buyers, while the steady rise in home prices indicates a robust market that benefits sellers. Looking ahead, we will continue to monitor these trends closely to guide our clients through informed decisions in this dynamic real estate environment.
Thinking of selling your home and looking for guidance in the current market? Schedule a consultation with me 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 – August 13, 2024. Note: This information is deemed reliable, but not guaranteed.
