May 2024 Market Report

** Data in the MAY 2024 Market Report reflect market activity from APRIL 2024 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).  For reports in other areas of Northern Nevada or specific neighborhoods, please contact me, and I will collect that information for you.  Data in this report only accounts for single-family resale residences and excludes townhouses/condos, manufactured/modular, and all new construction.

SUMMARY:

• • Compared to April last year, the Median Sales Price (MSP) in Reno and Sparks combined decreased slightly from $540,000 to $565,000 from March to April 2024, a 4.6% increase year-over-year.
  • The Median Days to Contract dropped from ticked down from 12 days in March 2024 to 11 days in April. 
  • We continue to be in a strong Seller’s Market, with only 1.5 Months Supply of Inventory (MSI).  Months Supply of Inventory is a measure of the rate of sales. If single family homes in Reno-Sparks continue to sell at the same rate as in April 2024, and no new inventory were added to the market, the entire inventory would be depleted in 1.5 months. A balanced market is 6-7 months.
  • While activity is picking up, inventory is still low.  About 1/2 of the inventory we normally see this time of year (prior to COVID-19) serious Buyers are more likely to have some competition when securing a contract to purchase.  Having a qualified, experienced agent who has great relationships with listing agents and understands the nuances of writing a clean, compelling offer can often help during those competitive moments.
  • Mortgage rates over the last several months have been higher relative to hyper-low rates during the COVID-19 era (hovering at or over 7%). There are grumblings that these higher rates may stay for a while. However, you may have been delaying your purchase or sale long enough, and your move is imminent. Remember, at some point in the future we should see those rates drop, and many lenders are offering free refinancing services when that does happen.

Is your next home sale and/or purchase happening in 2024, or even 2025?   Email me at Denise@DrakulichRE.com or call me at 775-233-0682 so we can begin analyzing the best strategy for YOU!

~Denise Hallerbach, Associate Broker, Better Homes and Gardens Real Estate – Drakulich Realty