Reno Sparks Market Data Recap for May 2024

let's unravel what the metrics mean

Welcome back to my blog! If you’re new here, my name is Sarah Sperber, and I’m a real estate agent specializing in the Northern Nevada market. Today, I’m excited to dive into the Reno Sparks market data for May 2024. I’ll break down the latest trends, provide key insights, and offer my best advice for buyers and sellers. Let’s get started!

Market Overview

May 2024 has brought some significant changes to the Reno Sparks real estate market, particularly for single-family residential homes. Here’s a snapshot of what happened:

Median Sales Price: The median sales price surged by 7%, reaching $615,000. This marks a significant milestone as we’ve been hovering around the $600,000 mark for a while.

Closed Sales: The number of closed sales jumped by 19.6%, totaling 293 transactions. This is noteworthy, especially considering the fluctuating mortgage interest rates.

Median Days to Contract: This metric increased by 57.1%, from 8 days to 11 days. While this seems drastic in percentage terms, it’s still a short timeframe for homes to go under contract.

Percent of List Price Received: Sellers received 99.8% of their asking price on average, indicating strong market demand.

Price Per Square Foot: The median price per square foot rose to $341, a 3% increase from last month and 7% higher than last year.

Inventory and Market Dynamics

New Listings: There were 364 new listings in May, up 3.1% from the previous month.

Active Inventory: Active inventory increased by 5.5%, totaling 424. However, this is still 19% lower than the same time last year, highlighting a persistent inventory shortage.

Months Supply of Inventory: This metric fell by nearly 12% month-over-month and 25% year-over-year, landing at 1.4 months. This sharp decrease underscores the competitive nature of the current market.

Reno Sparks Market Data

Insights and Predictions

For buyers, the Reno Sparks market remains highly competitive. Despite higher mortgage rates, the demand for homes is robust, and inventory is moving quickly. If you’re in the market to buy, ensure your finances are in order, and be prepared to act fast when you find a home that meets your criteria. Flexibility and readiness are key. 

For sellers, now is an excellent time to list your home. The market’s competitive nature means you’re likely to get close to, if not full, asking price if you list appropriately. Overpricing, even by a small margin, can deter potential buyers. Make sure to work with a knowledgeable agent to set the right price and one who keeps a close eye on the monthly Reno Sparks market data.

Final Thoughts

While I can’t predict the future with certainty, my outlook for the coming months is cautiously optimistic. I anticipate that we’ll see more inventory entering the market as the summer progresses, but demand will remain high, keeping competition strong.

If you’re thinking about buying or selling, now is a great time to strategize and prepare. Feel free to book a free consultation with me to discuss your specific needs and get tailored advice.

Thank you for reading, and if you found this information helpful, subscribe to my YouTube channel for more updates on the Reno Sparks Market Data and all things Northern Nevada. Until next time!

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