According to a new Homes.com report, national housing inventory has officially surpassed pre-pandemic levels. It’s a milestone that suggests momentum is returning to the housing market — and that the balance between buyers and sellers may finally be shifting after years of limited supply.
The National Picture
Homes.com data reveals that nearly 450,000 new homes were listed for sale in September 2025 — an 8.1% increase year-over-year. At month-end, there were approximately 1.4 million homes for sale nationwide, up 22% from last year and marking the highest inventory since July 2019. In fact, 94% of the 941 U.S. markets tracked by Homes.com saw listing growth compared to 2024.
With more homes entering the market and price gains moderating, national analysts see these shifts as early signs of a housing market returning to equilibrium — a contrast to the frenzied pandemic-era environment of bidding wars and record-low supply.
How Reno Compares
While inventory is expanding nationally, the Reno Metro Area is charting its own course. Local conditions remain considerably tighter than the U.S. average:
- Active Listings (September 2025): 974 homes (+0.7% YoY)
- Mid-2019 Inventory: 1,100 – 1,350 homes (Reno remains below pre-pandemic levels)
- New Listings Added in September: 402 (-19.3% YoY)
- Median SFR Price: $579,750 (-1.4% YoY), down from June 2025 peak of $610,000
- Months of Supply: 2.4 months
- Median Days on Market: 65 days
Put simply: while the national market is seeing its strongest inventory levels in six years, Reno’s housing supply remains constrained. The modest 0.7% increase in active listings and a sharp drop in new listings (-19.3%) point to ongoing tightness in local supply. At just 2.4 months of inventory, Reno is still operating below the 4–6 months that economists consider a balanced market.
Regional Context
Seasonality is playing a role, with median days on market rising to 65 as we head into the fourth quarter. Even so, limited new construction and steady demand continue to support values across the Reno-Sparks region. In short, buyers are getting a bit more breathing room than a year ago — but sellers still hold the upper hand in many price segments.
What It Means for Buyers and Sellers
For buyers: A slightly less competitive market means more opportunity to negotiate and a greater chance of finding homes with price reductions or seller concessions. However, well-priced properties still move quickly — especially those under the $600K mark.
For sellers: Strategic pricing remains essential. With DOM ticking up and fewer new listings entering the market, sellers who list in line with current values are still seeing solid activity and strong offers.
Closing Thoughts
Nationally, the housing market appears to be easing toward balance for the first time since 2019. Locally, the Reno Metro Area continues to operate under a scarcity of supply — a micro-market that remains steady, not stagnant. Buyers should welcome the additional breathing room; sellers should remain mindful that pricing is key in this transitional phase.
Thinking about buying or selling in the Reno Metro Area? Reach out to me today to discuss your options in this shifting market landscape.
Disclosure: This post was written with the assistance of ChatGPT 5 to analyze data and draft content based on verified market sources. All Reno Metro Area figures were compiled from local MLS data as of September 2025.