A new report from Realtor.com is making headlines, declaring that the national real estate market reached a “rare state of balance” in August. For the first time since before the pandemic, the months’ supply of inventory (MSI) nationally hit a key benchmark of five months, suggesting a more equitable playing field for buyers and sellers.
But if you’re a buyer or seller here in the Reno/Sparks Metro Area, that national headline doesn’t tell your story.
While the country as a whole may be in a state of equilibrium, our local market is operating with a completely different set of rules. Let’s take a look at how our August 2025 data stacks up against the national numbers.
The Tale of Two Markets:
| Metric | National (SFRs) | Reno/Sparks (SFRs) |
| Months’ Supply of Inventory | 5.0 months (Balanced) | 2.6 months (Seller’s Market) |
| Median Sold Price | $429,990 | $585,000 |
| YoY Price Change | unchanged | -4.1% |
| Median Days on Market (DOM) | 60 days | 62 days |
| Months’ Supply of Inventory | 5.0 months (Balanced) | 2.6 months (Seller’s Market) |
As the data above makes clear, while the national housing market is teetering on a balanced point, the Reno/Sparks market remains a firm seller’s market, with just 2.6 months of inventory. This tight supply continues to put upward pricing pressure on the market, despite our median price experiencing a modest 4.1% year-over-year pullback from last year’s highs.
Interestingly, our median days on market (DOM) clocked in at 62 days, nearly identical to the national average of 60. This suggests that while homes are selling slower than in previous peak seasons, the pace here is still very much in line with the rest of the country.
Why the Difference Matters
The comparison highlights a critical point: while national trends can provide a helpful context, real estate is fundamentally local. Factors like our robust job market, continued population growth, and desirability as a destination continue to insulate our market from the broader national shifts.
The Fed’s Looming Decision and What It Means for Reno
Tomorrow, the Federal Open Market Committee (FOMC) is widely expected to lower the federal funds rate by 25 to 50 basis points. For a market with such tight inventory, this decision could have an outsized impact. A rate cut would likely translate to lower mortgage rates, which would immediately increase purchasing power and affordability for potential buyers. In our already-competitive environment, this influx of new buying power would only exacerbate the current seller’s market conditions, potentially sparking renewed competition and putting additional upward pressure on prices.
Stay tuned!
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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 – September 16, 2025. Note: This information is deemed reliable, but not guaranteed.