hello, 2024

2024 Housing Market Prediction for Reno,
Nevada Real Estate

Welcome back to the blog! Today, let’s dive into the December housing market in Reno, Nevada, and explore what lies ahead this year with my 2024 housing market prediction. Whether you’re contemplating buying or selling, stick around till the end for valuable insights and advice tailored for both parties.

Median Sales Price

In the transition from November to December, the median sales price in Reno saw a noteworthy uptick of approximately 6%, reaching $610,000. This defies the narrative of a market crash that some media outlets have propagated. Prices remain robust, even during the traditionally slower holiday season.

Closed Sales

The number of closed sales experienced a seasonal dip of nearly 17%, totaling 183 sales in December. This drop is typical for this time of year as festivities take precedence over real estate transactions.

Days to Contract

The median days to contract increased to 47 days, marking a 56.7% rise month-over-month. Seasonal factors, coupled with selective buyers and limited inventory, contribute to this shift.

Inventory Insights

Active inventory declined by almost 22%, with 396 listings in December. Homeowners, benefiting from low-interest rates, show reduced motivation to sell during the holiday season.

Supply and Demand

Despite a decrease in inventory, the months’ supply only decreased by 6%, now standing at 2.2 months. This emphasizes the ongoing inventory challenge that will significantly impact the real estate landscape in the coming year.

What Lies Ahead in 2024

2024 Housing Market Prediction

Interest Rates

As predicted in my November Market Recap, 2024 is poised to see multiple decreases in interest rates. While this may make homeownership more accessible, it also brings the potential for increased competition, ultimately impacting prices.

Fluctuations in Mortgage Rates

Anticipate fluctuations in mortgage interest rates rather than a smooth decline. Although we might not reach pre-pandemic rates, a downward trend is likely. These changes will shape the dynamics of the real estate market.

Inventory Crisis

The persistent inventory crisis remains a pivotal factor. High demand, coupled with a shortage of available homes, continues to drive prices upward. Homeowners, sitting on substantial equity, contribute to the market’s resilience.

Homeownership Benefits

Despite the challenges, homeownership remains a lucrative investment. Year-over-year, prices have surged by 6%, even in a year marked by historically high mortgage rates. Equity growth positions homeowners favorably.

Buyer and Seller Strategies

For Buyers: The upcoming market fluctuations offer both opportunities and challenges. Consider factors beyond price tags, such as monthly payments, income, and overall financial health. It’s not just about timing the market but aligning your purchase with your unique financial circumstances.

For Sellers: Brace yourselves for an active market. With rates decreasing, more buyers will enter the fray. However, increased listings mean heightened competition. Ensure your property stands out—meticulous presentation and compelling listings will be your strongest assets.

2024 Housing Market Prediction

Final Thoughts

As we transition into early spring, sellers are poised to have a slight advantage. Mortgage rates dropping will attract more buyers, sustaining the scarcity problem in our market.

Connect With a Local Expert

If you have questions or need guidance on buying or selling real estate in the Reno-Sparks area, I’m here as a free resource. 

Feel free to book a consultation with me; it’s an opportunity for us to connect, clarify your goals, and develop a step-by-step strategy tailored to your needs. No obligations, no pressure, just assistance in making informed decisions.

Wishing you all a fantastic start to the year, and I’ll catch you in the next post!

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