Comparing Redfin’s Latest Luxury Report to Local Reno–Sparks Market Trends
National data from Redfin shows that luxury home prices rose 5.5% year-over-year during the rolling 3-month period ending October 2025. Meanwhile, the non-luxury segment barely budged, increasing just 1.8% year-over-year nationwide.
That divergence caught my attention. So I decided to run the same analysis for the Reno–Sparks metro area, applying Redfin’s exact methodology to our local MLS data.
The result? Reno’s luxury market is moving almost in lockstep with the national trend — and is significantly outperforming the mid-market.
How We Define “Luxury” and “Non-Luxury” Locally
Redfin defines market segments by percentiles, not fixed price points:
- Luxury homes: top 5% of sale prices
- Non-luxury homes: homes in the 35th–65th percentiles
- All based on a rolling 3-month window (Aug–Oct)
Applying those same rules to the Reno Metro Area for 2025:
2025 Segment Thresholds (Reno Metro)
- Luxury: sale price of $1,500,000 or higher
- Non-luxury: sale price from $485,000 to $649,000
These thresholds shift year to year because they reflect the distribution of actual sales prices — the same way Redfin defines its luxury and non-luxury tiers at the national level.
Reno Metro: Luxury vs. Non-Luxury Year-Over-Year
(Aug–Oct 2025 vs. Aug–Oct 2024)
While the U.S. luxury segment rose 5.5% year-over-year, Reno’s luxury prices rose 5.7% over the same period. Meanwhile, the mid-market locally was essentially flat.
Median Sale Price & Sales Volume
| Segment | 2024 Median Price | 2025 Median Price | Price YoY % | 2024 Sales | 2025 Sales | Sales YoY % |
|---|---|---|---|---|---|---|
| Luxury (top 5%) | $1,945,000 | $2,055,000 | +5.7% | 74 | 76 | +2.7% |
| Non-luxury (35th–65th%) | $550,000 | $549,993 | ~ 0.0% | 455 | 440 | –3.3% |
Key Points
- Luxury is growing strongly, both in sales volume and price per square foot.
- Non-luxury is flat on price and slightly down in total sales.
- This mirrors Redfin’s big-picture message: higher-income buyers are driving the strongest portion of the market.
Additional Local Market Insights
1. Days to Contract (DOM) Are Lengthening
Homes are taking longer to sell across the board — but especially at the top end.
-
Luxury DOM:
2024: 36 days
2025: 50 days
Change: +39% -
Non-luxury DOM:
2024: 24 days
2025: 29 days
Change: +21%
Even with stronger prices, luxury listings are simply taking more time to find the right buyer.
2. Price Per Square Foot (PPSF) Shows Strength at the High End
-
Luxury PPSF:
2024: $515/sqft
2025: $560/sqft
Change: +8.7% -
Non-luxury PPSF:
2024: ~$302/sqft
2025: ~$302/sqft
Change: Flat
Not only is the headline luxury price up, but luxury buyers are also paying more per square foot, whereas the mid-market PPSF is essentially unchanged.
3. Cash Buyers Still Dominate Luxury, Though Fewer in 2025
-
Luxury cash purchases:
2024: 67.6% of luxury closes
2025: 50.0% of luxury closes -
Non-luxury cash purchases:
2024: 24.6% of closes
2025: 19.1% of closes
Cash remains king in the luxury space — even if less so than a year ago.
Active Inventory Snapshot
As of October 31, 2025
Using the 2025 price cutoffs on the active listings snapshot:
- Total Active Listings: 1,201
- Luxury (≥$1,500,000): 153 homes (12.7% of inventory)
- Non-luxury ($485,000–$649,000): 292 homes (24.3% of inventory)
In other words, roughly one in eight active listings in the Reno Metro Area is now priced at or above $1.5 million.
What This Means for Buyers and Sellers in Reno–Sparks
For Sellers (Especially Luxury)
- Luxury price growth is healthy and in line with national trends.
- Days on market are significantly longer, so pricing and presentation matter more than ever.
- Buyer pool is still cash-heavy but slightly more rate-sensitive than a year ago.
For Mid-Market Sellers
- Expect stable pricing but less urgency from buyers.
- Market activity is somewhat slower than a year ago.
For Buyers
- Luxury buyers will find more selection and longer negotiation windows.
- Mid-market buyers will see less competition than during the 2021–2023 run-up.
- In both segments, being prepared with financing (or cash) and realistic expectations will go a long way.
The Reno Metro Area continues to mirror national luxury trends: strong demand, rising prices, and deeper-pocketed buyers driving market activity. Meanwhile, the mid-market is showing signs of plateauing — which underscores how bifurcated today’s housing landscape has become.
If you’re interested in how your neighborhood or price segment is performing, feel free to reach out — I’m always happy to run a custom analysis.