August 2024 Market Report

** Data in the AUGUST 2024 Market Report reflect market activity from JULY 2024 compared to JULY 2023.  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).  Please contact me for reports in other areas of Northern Nevada or specific neighborhoods, and I will collect that information for you.  Data in this report only accounts for single-family resale residences and excludes townhouses/condos and manufactured/modular.

As observed in the graph above, the “weekly” market data for the week ending July 6 shows a significant slow-down in median DAYS TO CONTRACT compared to properties that sold in June when DAYS to Contract were 8 in Reno-Sparks. The week ending July 6, the Days to Contract was 25.

The Months Supply of Inventory represents the number of months it would take to sell through the entire inventory in Reno-Sparks at the current sales rate is no new properties were added to the market. This statistic varies by price as seen in the graph below. A balanced market is 5-7 months supply.  The luxury market, homes that are priced over $1.5M, are officially in a Buyer’s Market, with 7.5 Months Supply of Inventory in June 2024.

SUMMARY:

• • Median Sales Price in Reno and Sparks (combined) increased slightly month-over-month from approximately $610,000 to $615,000…  The July Median Sales Price was approximately 8% higher than July 2023.
  • Single family homes in Reno-Sparks are taking nearly 3 times as long to obtain an acceptable offer compared to a few months ago, likely due to end-of-summer vacations and preparation for children returning to school.
  • Great News on Mortgage Rates!! We have started to see a rates for qualified buyers drop as low as 6.375% (30 year fixed rate), the lowest rate yet in 2024.
  • While rates are dropping, if you need to purchase I home, it may not be advantageous to “time” the rate drop.  Lack of supply and continued demand continue to create upward pressure on prices, as indicated by the uptick in the Median Sales Price. Purchasing now, then refinancing to a lower rate in the future as rates drop more, may be a good option for you.

Is your next home sale and/or purchase happening in the near future?   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