Carson City Real Estate Market Report
November 2025
Market Snapshot (SFRs and Condo/Townhomes)
Carson City’s real estate market shifted noticeably in November 2025. The median sale price declined 11.9% month over month, and closed sales fell 17.6%. These changes signal a cooling trend as buyers and sellers adjust to new market conditions. Despite the monthly pullback, year-over-year prices for single-family homes show some resilience, creating a more nuanced picture for the capital city.
? Single Family Residences
The Single Family Residence (SFR) segment remains the backbone of the Carson City market, even as broader economic conditions create headwinds. The median sale price decreased 10.5% from the prior month to $545,000, yet it still posted a modest 0.6% gain compared to last year. Sales activity softened, with 53 closed transactions. This represents an 11.7% month-over-month decline and a 19.7% drop year over year, suggesting that higher interest rates and increased caution among buyers are playing a role.
Market timing also reflects a more deliberate pace. Homes spent a median of 70 days on market, and the median days to contract reached 36. These figures show only slight movement compared to last year, indicating a shift back toward a more traditional sales rhythm after several unusually fast-paced years.
Inventory remains tight, with 127 active listings and 2.4 months of supply. Even so, supply increased 15.9% month over month and 34.1% year over year, showing a gradual buildup in available homes. Price reductions were common, appearing in 50.9% of SFR sales, with a median cut of 3.8% or $24,000. This underscores the need for sellers to price strategically in today’s market.
Buyers now benefit from more negotiation opportunities and a broader selection. Well-priced homes still attract attention, but sellers should prepare for longer marketing periods and adjust expectations accordingly. Cash buyers represented only 20.8% of SFR transactions, highlighting the continued influence of interest rates on this segment.
SFR Sales by Price Range
| Price Range | Sales | % of Total |
|---|---|---|
| Over $1M | 1 | 1.9% |
| $750K-$1M | 5 | 9.4% |
| $600K-$750K | 12 | 22.6% |
| $500K-$600K | 11 | 20.8% |
| $400K-$500K | 18 | 34.0% |
| $300K-$400K | 5 | 9.4% |
| Under $300K | 1 | 1.9% |
? Condos & Townhomes
The condo and townhome segment tells a different story this month. The median sale price increased 3.4% month over month to $302,500, but remains down 24.4% compared to last year. Sales activity was extremely limited, with only 8 closed transactions. This represents a 42.9% decline from the previous month and a 27.3% drop year over year.
Market timing broadened considerably. Properties spent a median of 155.5 days on market, while days to contract reached 87. Both metrics increased sharply on both monthly and annual comparisons, illustrating how challenging this segment has become for sellers.
Although only 19 condo and townhome units were actively listed, months of supply reached 2.4. This figure is influenced more by low sales volume than by high inventory. Price reductions were common, affecting 50% of sales and producing a median cut of 6.2% or $16,425 — a larger percentage than seen in the SFR segment.
Cash buyers made up 62.5% of condo and townhome purchases, indicating strong interest from investors or second-home buyers. These buyers are less affected by mortgage rate changes but remain sensitive to pricing and potential returns. For condo buyers, this is a clear buyer’s market with substantial negotiation power. Sellers, however, face slower activity and may need to adopt aggressive pricing strategies to remain competitive.
Condo/TH 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 | 12.5% |
| $300K-$400K | 3 | 37.5% |
| Under $300K | 4 | 50.0% |
Financing Breakdown (All Properties)
| Loan Type | Sales | % of Total |
|---|---|---|
| Conventional | 28 | 45.9% |
| Cash | 16 | 26.2% |
| FHA | 10 | 16.4% |
| VA | 7 | 11.5% |
Market Outlook
The Carson City real estate market in November 2025 is undergoing a meaningful adjustment. While 2.4 months of supply still tilts the market toward sellers, several indicators point toward a more balanced — and in some cases buyer-leaning — environment.
Median prices and sales volume declined sharply compared to the prior month, and homes are spending more time on the market. Price reductions have become increasingly common, signaling that sellers must adapt quickly to shifting demand.
Single-family homes remain relatively stable on a year-over-year basis, but the condo and townhome sector continues to experience more pronounced volatility. Buyers benefit from increased selection and slower market conditions, while sellers must prioritize realistic pricing and patience.
Investors should approach the market with careful analysis, especially in the condo segment where pricing and timing trends vary widely. The market is not weakening dramatically, but it is clearly recalibrating, requiring thoughtful and strategic decisions from all participants.