April 2024 Market Report

** Data in the APRIL 2024 Market Report reflect market activity from MARCH 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:

• • The Median Sales Price (MSP) in Reno and Sparks combined has increased from $525,000 to $575,000 from January to March 2024, a 7% increase over the last 2 months.
  • The Median Days to Contract dropped from 32 in January, to 20 days in February, to 12 days in March 2024… Bottom line, as we make our way through spring, the market is heating up.
  • Months Supply of Inventory dropped 14% month-over-month from 1.8 MSI to 1.5 MSI, indicating a continued Seller’s Market.  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 March 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.
  • I am often asked the burning question, “Should I Buy Now?  Or Should I Wait?”
    • RamseySolutions.com took the words right out of my mouth in a recent article, “Should I Buy a House Now or Wait for Mortgage Rates to Go Down? The basic principle are these:
      • You should buy a house now if you are financially prepared.
      • Bear in mind that when interest rates do drop, you will see even more competition possibly resulting in overbids.
      • With the anticipation that interest rates will be lower in the future, you will likely be able to refinance at that time to lower your monthly payment.

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

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