Market Snapshot (SFRs and Condo/Townhomes)
The Reno/Sparks housing market cooled notably in November 2025. Closed sales declined 22.9% month over month, while the overall median sale price fell 2.2% to $543,500.
Inventory levels remain relatively tight at 2.9 months of supply. However, price reductions appeared in more than half of all sales. This trend suggests a market recalibration, as sellers adjust expectations to align with changing buyer demand.
🏠 Single Family Residences
The Single Family Residence (SFR) segment of the Reno/Sparks market slowed noticeably in November. Closed sales declined 26.5% month over month to 303 transactions. Despite the drop in activity, pricing remained stable. The median SFR sale price slipped just 0.1% month over month to $598,900 and was still up 2.9% year over year.
Market timing metrics show modest improvement month over month. Median Days on Market was 70, while Days to Contract averaged 33.5 days. However, both metrics remain 11.1% higher year over year, indicating a slower overall pace compared to last year.
Inventory conditions are also shifting. Active SFR listings increased to 836, pushing Months of Supply to 2.8. This represents a 19.0% increase from the prior month and a 5.7% rise year over year. While still technically a seller’s market, supply is clearly expanding.
Pricing pressure is becoming more evident. Price reductions occurred in 50.8% of SFR sales, with a median reduction of $27,750, or 4.3%. In addition, the Sold-to-Original List Price Ratio of 96.8% confirms that homes are generally selling below their initial asking prices.
For buyers, these conditions offer more room for negotiation and a wider selection of homes. Competition remains strongest for well-priced properties. Sellers, meanwhile, must be realistic with initial pricing to avoid extended market times and multiple price adjustments. Overall, the SFR market is transitioning from rapid appreciation to a more balanced and deliberate environment.
SFR Sales by Price Range
| Price Range | Sales | % of Total |
|---|---|---|
| Over $1M | 44 | 14.5% |
| $750K-$1M | 43 | 14.2% |
| $600K-$750K | 62 | 20.5% |
| $500K-$600K | 59 | 19.5% |
| $400K-$500K | 78 | 25.7% |
| $300K-$400K | 15 | 5.0% |
| Under $300K | 2 | 0.7% |
🏢 Condos & Townhomes
The condo and townhome segment showed greater volatility in November. The median sale price declined 11.7% month over month to $298,000, pushing prices down 2.4% year over year. This marks one of the sharper price corrections across the Reno/Sparks market.
Despite the price decline, sales activity remains relatively strong. Closed sales increased 21.0% year over year, even with a modest 3.8% month-over-month dip to 75 transactions. Market timing also improved. Median Days on Market fell to 82, while Days to Contract dropped to 45, both faster than the prior month.
Inventory trends for condos and townhomes diverge from the single-family market. Months of Supply declined 5.6% month over month and dropped sharply, down 34.3% year over year, to 3.4 months. While this still reflects a more balanced environment than SFRs, tightening inventory combined with solid demand could help stabilize prices if buyer interest holds.
Pricing pressure remains evident across the segment. Price reductions occurred in 52.0% of condo and townhome sales, with a median reduction of $15,000, or 5.2%. This mirrors broader seller adjustments seen throughout the market.
One key distinction is the higher share of cash sales. Cash buyers accounted for 37.3% of condo and townhome transactions, compared to 24.1% for SFRs. This suggests continued interest from investors and buyers targeting lower price points. For buyers, recent price declines may create attractive entry opportunities, though shrinking inventory warrants attention. Sellers may benefit from an active pool of motivated and cash-ready buyers despite recent price volatility.
Condo/TH Sales by Price Range
| Price Range | Sales | % of Total |
|---|---|---|
| Over $1M | 0 | 0.0% |
| $750K-$1M | 2 | 2.7% |
| $600K-$750K | 2 | 2.7% |
| $500K-$600K | 2 | 2.7% |
| $400K-$500K | 7 | 9.3% |
| $300K-$400K | 23 | 30.7% |
| Under $300K | 39 | 52.0% |
Financing Breakdown (All Properties)
| Loan Type | Sales | % of Total |
|---|---|---|
| Conventional | 195 | 51.6% |
| Cash | 101 | 26.7% |
| FHA | 54 | 14.3% |
| VA | 23 | 6.1% |
| Other | 2 | 0.5% |
| Private | 2 | 0.5% |
| Seller Financed | 1 | 0.3% |
Sales by City
| City | Sales | Median Price |
|---|---|---|
| Sparks | 126 | $517,000 |
| Reno | 252 | $556,500 |
Market Outlook
The Reno/Sparks real estate market continued to adjust in November 2025, moving further away from the highly seller-favored conditions seen earlier in the year. While the overall Months of Supply remains relatively low at 2.9, market dynamics are clearly shifting.
A significant month-over-month decline in closed sales, combined with widespread price reductions, points to increasing buyer leverage. Buyers now have more room to negotiate and a slightly broader selection of homes. At the same time, demand remains selective, favoring well-priced and well-presented properties.
Sellers must adapt to these changing conditions. Competitive pricing and thoughtful marketing are becoming essential, especially as homes spend more time on the market. Overpricing risks longer market times and multiple price adjustments.
For investors, signals remain mixed across property types. Price adjustments in the condo and townhome segment, along with a higher share of cash transactions, may present targeted opportunities for value-oriented buyers. Careful analysis at the neighborhood and price-point level remains critical.
Overall, the market is recalibrating toward a more balanced environment. Success in this phase will depend on flexibility, realistic expectations, and informed decision-making from buyers, sellers, and investors alike.