September 2024 Reno-Sparks Real Estate Market Recap
Key Insights and What They Mean
for Buyers and Sellers
Hey everyone! I’m Sarah Sperber, your Reno-Sparks real estate agent, here to break down what’s been happening in the local housing market for September 2024. As always, my goal is to help you make informed decisions, whether you’re buying or selling a home in Northern Nevada. Let’s dive into the latest market data and what it means for you.
September’s Median
Sales Price Takes a Dip
The first key metric to note is the median sales price, which saw a 3.7% decline from August to September, now sitting at $587,500. We’ve been hovering around the $600,000 mark for a while, but this latest dip could be a reflection of the slower-than-expected summer market. However, it’s important to remember that these metrics are lagging, meaning this downturn might actually be a reaction to events that happened earlier in the year.
A Buyer’s Market on the Horizon?
This price drop might seem like bad news for sellers, but for buyers, it could be an excellent opportunity—especially as mortgage rates have been fluctuating since the Fed’s recent announcements about rate cuts. While interest rates have shown some turbulence, many buyers are still in a good position to take advantage of these lower rates. If you’re considering purchasing a home, now might be the right time to act before rates increase again.
Closed Sales Increase
Amid Price Decline
Here’s something interesting: closed sales actually went up by 3.9%, with a total of 401 sales closed in September. That means more homes are being sold, but at slightly lower prices. This suggests that buyers are starting to get back into the market after the slower summer season, absorbing the available inventory more quickly than before.
Homes Are Taking
Longer to Sell
The median days to contract increased by 19.2%, landing at 31 days. This might seem alarming, but it’s not entirely surprising. Homes priced at or above $800,000—our market’s luxury segment—are naturally going to take longer to sell because of the smaller pool of qualified buyers.
For comparison, during the COVID real estate boom of 2021-2022, homes were flying off the market within hours. Now, sellers should expect their properties to take about a month to go under contract. If you’re selling, this means you’ll need to be patient. If you’re buying, this gives you some breathing room to weigh your options without the need to rush.
List Price vs. Sales Price
Another key metric to consider is the percentage of list price received, which is at 98.6% for September. This is a slight decline, but it still indicates that homes are generally selling very close to their original asking prices. In some cases, this could mean buyers have a little more negotiating power.
Price Per Square Foot
on the Rise
Here’s a curveball: while the median sales price dropped, the median price per square foot actually increased to $328, a rise of 1.9%. This might feel counterintuitive, but it shows that despite overall prices falling, the value per square foot is creeping up. This suggests buyers may be focusing more on smaller, well-designed homes or prime locations, which are commanding higher prices per square foot.
Inventory Levels: Fewer New
Listings and Lower Supply
In terms of inventory, we saw a 4.1% decrease in new listings, with only 490 new homes coming to market in September. Total active inventory also dipped slightly by 1.3%, now sitting at 984 active listings.
Interestingly, the months’ supply of inventory is now at 2.5 months, down by 5%. This means that if no new homes were listed, it would take 2.5 months to sell everything currently on the market. This decrease in supply, combined with the increased number of closed sales, indicates a tightening market—potentially a signal that we’re transitioning toward a buyer’s market.
Looking Ahead: What Should Buyers and Sellers Expect?
Based on the numbers and what I’m seeing on the ground, it looks like we’re experiencing a subtle shift toward a buyer’s market—at least for now. As mortgage rates soften, more buyers may re-enter the market, and we could see a renewed competition for homes. Additionally, many homeowners locked in at super-low rates during 2021 may start feeling comfortable enough to sell, freeing up more inventory.
If you’re a buyer, this is a prime opportunity. Rates are relatively low, inventory is still moving, and you may have more time to make decisions without the pressure we saw during the pandemic frenzy.
If you’re a seller, it’s time to adjust your expectations. Your home may take a little longer to sell, and it’s critical to price it right from the get-go. The Reno-Sparks real estate market is still moving, but buyers are savvy, and overpriced homes are sitting longer.
Closing Thoughts
September’s market data shows a dynamic real estate environment in Reno-Sparks, one where both buyers and sellers need to stay on their toes. As always, my goal is to help you navigate these changes with the best strategies for success. Whether you’re considering selling your home or buying your first one, now is a great time to take advantage of the current conditions.
For personalized advice or if you have any questions about Nevada real estate, feel free to reach out to me directly. You can schedule a no-obligation consultation through the link here, and let’s work together to find your best real estate move.