Reno Sparks Market Update for April 2025
What Buyers and Sellers Need to Know about the market
If you’re thinking about buying or selling real estate in Northern Nevada this season, you’re not alone—and you’ve picked a busy time. I’m Sarah Schultz, a REALTOR® serving Reno, Sparks, Carson City, and surrounding areas. Each month, I take a deep dive into our local housing market to give you the insights you need to make confident, informed decisions through a full Reno Sparks market update.
This month, we’re expanding our usual focus beyond just Reno and Sparks to include all of Washoe County. With so many people relocating to Northern Nevada, our “target landing spots” are broadening—and so is this update.
Let’s break down the latest key metrics for single-family homes in our region. (Note: This data does not include condos, townhomes, or manufactured homes.)
Median Sales Price
Holding Steady
The median sales price for March came in at $575,000, ticking up slightly—less than 1%—from February. Interestingly, it’s exactly the same as it was this time last year, indicating a stable market.
Remember, these figures are lagging indicators. Homes that closed in March likely went into contract 30–40 days earlier. So, what we’re seeing is a reflection of buyer activity from late winter.
Closed Sales
Activity is Up
We saw 383 closed sales in March—a 16.1% increase month-over-month and a 13.6% increase compared to last year. That mirrors what I’m feeling on the ground. Just last week, one of my relocating buyers toured a property that already had six offers on the table.
Spring is here. The snow is melting (well, mostly), and buyer activity is heating up.
Days to Contract
Speed is the Name of the Game
Homes are selling fast. The median time on market before going under contract dropped to just 16 days, which is nearly:
- 30% faster than February
- 41% faster than March 2024
If you’re a buyer, that means decisiveness is key. More on that in my buyer advice section below
List Price Received
99% - what does it mean?
This metric is one of the most consistent in our market. On average, sellers received 99% of their list price, which is unchanged both month-over-month and year-over-year.
Translation: If you’re shopping homes on Zillow or through an agent, expect to pay close to the asking price—especially if the home is priced right and move-in ready.
Price Per Square Foot
Rising Gradually
The median sold price per square foot for single-family homes was $315, up:
- 2% from February
- 5.7% from March 2024
Keep in mind that this number can vary widely depending on the neighborhood. A custom home in ArrowCreek, Montreux, or Somersett may land in the $400–500/sq ft range. Entry-level homes or fixer-uppers could fall below the $315 mark. Still, it’s a good benchmark to watc
New Listings
Spring Surge Begins
We saw a big jump in new inventory—526 new listings in March, up:
- 25% month-over-month
- 17% year-over-year
This is great news for buyers. More inventory means more choices. But it also tends to bring more competition, so it’s a double-edged sword.
Active Inventory
Still Tight, But Improving
There were 772 active single-family listings on the market at the end of March, a modest 2.5% increase from February and a much larger 34.3% increase year-over-year.
That said, this is still considered low inventory for a market of our size.
Month Supply of Inventory
Down to 2 Months
Our market has 2 months of inventory, meaning if no new homes were listed, it would take two months to sell all the current inventory at the current pace. This is:
- Down 11.7% month-over-month
- Up 18.1% year-over-year
For context, a balanced market is around 5–6 months of supply. So yes—this is still a seller’s market, just slightly more balanced than it was in recent years.
Advice for Buyers
If you’re purchasing a home in Northern Nevada this spring, here’s what you need to know:
- Have your financing locked in. Whether that’s a pre-approval from a trusted local lender (I know some great ones!) or proof of funds for a cash purchase, have your documents ready before you start touring.
- Be decisive. Homes are going under contract quickly, and in multiple-offer situations, timing matters.
- Contingent buyers (those who need to sell their current home first) should have a clear plan in place. Know your home’s market timeline, and share it with sellers here to build confidence in your offer.
- Clarify your must-haves. You may not get everything on your wishlist—but with clear priorities, we can make strategic decisions that set you up for long-term success.
Advice for Sellers
The good news for sellers?
- Homes are selling faster.
- You’re likely to get very close to your asking price—if you price it right.
The caveat?
- More competition is coming online daily. Buyers will have more choices, so your home needs to shine.
Make sure your listing stands out with professional photos, smart staging, and a strategy tailored to your neighborhood. I’m
Thinking of Making a Move?
Whether you’re relocating to the Reno-Sparks area or making a local move, I’d love to help you put together a strategy. Book a free, no-pressure call here (or send me a DM). Let’s get your questions answered and build a plan that works for you.
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Until next time,
Sarah Schultz
REALTOR® – Northern Nevada