Reno-Sparks Market Report December 6, 2023

December 2023 Market Report

** Data in the December 2023 Market Report reflect market activity from November 2023 compared to the previous month and year.  Information is gathered from the Sierra Nevada Realtors ® (RSAR) for the Greater Reno-Sparks region via the Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).  Data only accounts for single-family resale residences and excludes townhouses/condos, manufactured/modular, and new construction.

  • The circled portions of the above graph indicate the Median Sales Price during the late fall to early winter months.  The market typically sees a leveling of the MSI (with the exception of winter of 2021-2022 when a spike and drop of values occurred). In all years since 2013 EXCEPT 2021-2022, the these flat periods are followed by appreciation.

  • The Months Supply of Inventory (MSI) represents the number of months it would take to sell through the available inventory at the current rate of sales.  The MSI in November 2023 was 2.2 months, meaning that if the rate of sales continued at the same rate as it did in November, the entire housing inventory would be depleted in 2.2 months.  A “balanced market” is typically between 5 and 7 months.

Are you looking to sell a property or purchase one in the coming year?  If you’re in a position where you need to make a move, contact me to help you strategize.  Buyer and/or selling. I am hear to guide you through your very important transaction. Email me at dhallerbach@intero.com or reach me by cell at 775-233-0682 so we can discuss the best plan for YOU!

~Denise Hallerbach, Broker-Owner, INTERO RENO.