Market Snapshot (SFRs and Condo/Townhomes)
Carson City’s real estate market concluded 2025 with a distinct cooling trend, evidenced by a significant year-over-year median sale price decline of 13.5% and a substantial 31.1% reduction in closed sales. This pronounced shift points to a market where buyers are gaining considerable leverage, moving away from the robust seller-favored conditions seen in prior periods.
🏠 Single Family Residences
The Single Family Residence (SFR) segment in Carson City experienced a continued deceleration in December, signaling a more cautious market environment. The median sale price for SFRs settled at $544,990, reflecting a modest 1.7% decrease month-over-month and a 4.0% dip from the previous year. Properties are now selling at an average of 96.4% of their original list price, indicating that sellers are increasingly needing to adjust their expectations to secure a sale. Closed sales volume saw a notable decline, with 44 transactions representing an 18.5% drop from the prior month and a significant 37.1% reduction year-over-year.
Market timing metrics suggest a slower pace, with the median days on market holding steady at 70 days, while the median days to contract was 23.0. Inventory levels are gradually building, with 106 active listings contributing to 2.4 months of supply. While still technically within a seller’s market, this figure has nearly doubled year-over-year, increasing by 99.2%, which puts upward pressure on available housing stock. The need for price adjustments is evident, as 38.6% of SFR sales involved a price reduction, with the median cut being $30,000 or 5.3% of the listing price.
For SFR buyers, these trends translate into more choice and greater negotiation power, as homes are staying on the market longer and often selling below original asking prices. Sellers, conversely, must be strategic and realistic with their pricing from the outset to attract offers and avoid prolonged market exposure and subsequent price cuts. The increasing months of supply indicates a market that is steadily moving towards a more balanced state, requiring adaptability from all participants.
SFR Sales by Price Range
| Price Range | Sales | % of Total |
|---|---|---|
| Over $1M | 4 | 9.3% |
| $750K-$1M | 4 | 9.3% |
| $600K-$750K | 7 | 16.3% |
| $500K-$600K | 7 | 16.3% |
| $400K-$500K | 14 | 32.6% |
| $300K-$400K | 6 | 14.0% |
| Under $300K | 1 | 2.3% |
🏢 Condos & Townhomes
The Condo and Townhome market presented a more volatile picture in December, characterized by a substantial price correction but also some surprising year-over-year resilience in sales activity. The median sale price for this segment plummeted to $288,400, a 4.7% decrease month-over-month and a stark 26.1% drop compared to last year, indicating a significant recalibration of values. Condos are selling at an average of 95.2% of their original list price, slightly lower than SFRs. Despite the price erosion, closed sales volume, while down 12.5% month-over-month to 7 units, saw a remarkable 75.0% increase year-over-year, suggesting that the sharp price adjustments have successfully stimulated demand compared to the previous year.
Market timing in the condo segment was notably faster on a year-over-year basis, with median days on market at 53, a significant 57.9% reduction from the prior year, and also down 65.9% month-over-month. This suggests that while prices are falling, competitively priced units are moving quickly. Inventory stands at 23 active listings, resulting in 3.3 months of supply. This puts the condo market squarely in a balanced territory, a notable difference from the stronger seller’s conditions in the SFR market. However, months of supply did increase by 38.2% month-over-month, indicating new listings are beginning to accumulate.
Price reductions were a dominant feature in the condo market, with 57.1% of sales having a price cut – significantly higher than the SFR segment. The median reduction for these units was $23,000, or 8.0% of the original list price, underscoring the pressure on sellers to adjust their expectations. For condo buyers, this segment offers compelling value, with significantly lower entry points and more room for negotiation. Sellers must be prepared for a competitive landscape where aggressive pricing is crucial to capture the attention of value-driven buyers, especially given the higher percentage and magnitude of price reductions compared to single-family homes.
Condo/Townhome Sales by Price Range
| Price Range | Sales | % of Total |
|---|---|---|
| Over $1M | 0 | 0.0% |
| $750K-$1M | 0 | 0.0% |
| $600K-$750K | 0 | 0.0% |
| $500K-$600K | 0 | 0.0% |
| $400K-$500K | 1 | 25.0% |
| $300K-$400K | 0 | 0.0% |
| Under $300K | 3 | 75.0% |
Financing Breakdown (All Properties)
| Loan Type | Sales | % of Total |
|---|---|---|
| Conventional | 25 | 50.0% |
| Cash | 15 | 30.0% |
| FHA | 7 | 14.0% |
| VA | 2 | 4.0% |
| Seller Financed | 1 | 2.0% |
Sales by City
| City | Sales | Median Price |
|---|---|---|
| Carson City | 50 | $477,000 |
Market Outlook
As we enter 2026, Carson City’s real estate market is undergoing a significant “price recalibration.” While the region technically remains in seller-favored territory with 2.5 months of supply, the momentum has clearly shifted. The 13.5% year-over-year decline in median price and the near-doubling of available SFR inventory (up 99.2% YoY) indicate that the post-pandemic “frenzy” has officially cooled, giving way to a more pragmatic, buyer-conscious environment.
The primary driver for the 2026 outlook is the stabilizing—but still restrictive—cost of borrowing. With Nevada mortgage rates hovering between 5.8% and 6.2% in early January, affordability remains the central theme. We expect the market to remain in “low gear” throughout the first half of the year; however, the sharp corrections seen in the condo segment (down 26.1% YoY) may signal that we are nearing a floor for values. Sellers who price at the new market reality rather than 2024 peaks will find success, while buyers can finally enjoy a landscape where 95.9% of list price is the new standard, rather than the starting point for a bidding war.
Looking for clarity on how these shifting numbers affect your next move? Explore our December market FAQs below.
Frequently Asked Questions
Is it a buyer’s or seller’s market in Carson City right now?
Technically, Carson City remains a seller’s market due to its 2.5 months of supply (anything under 5-6 months favors sellers). However, it is rapidly trending toward neutral/balanced territory. Buyers currently have significantly more leverage, choice, and time than they did a year ago.
What are current mortgage rates in Nevada for January 2026?
As of early January 2026, 30-year fixed mortgage rates in Nevada are averaging between 5.8% and 6.2%. While higher than the lows of previous years, these rates have stabilized, allowing more predictable budgeting for local buyers.
Why did the median home price in Carson City drop so much?
The 13.5% year-over-year drop is largely attributed to a rebalancing of property types sold and a correction in the condo/townhome sector, which saw values fall by 26.1%. This reflects a broader market correction where high interest rates have forced a “reset” on home valuations to match local income levels.
How much are sellers typically cutting their prices?
In December, 41.2% of all listings featured a price cut. For single-family homes, the median reduction was $30,000 (roughly 5.3% of the list price), while condo sellers were even more aggressive, with 57.1% of listings reducing prices to attract buyers.
How long does it take to sell a home in Carson City?
The median time on market is currently 70 days. However, the time to reach a contract is much faster—averaging just 23 days for single-family homes—suggesting that once a home is priced correctly, serious buyers are acting quickly.