Geeky Market Report for April 2024
Here is my Geeky Market Report for April 2024. During April inventory grew, but so did sales. Home prices in Reno and Sparks were stable, and interest rates were up from March. See the charts below for more details.
Reno Median Home Price in April 2024
The median house price in Reno dropped to $572,500 in April 2024. This represents a decrease of 6.3% from last month, but an increase of 3.2% from April 2023.
Sparks Median Home Price in April 2024
In April, the median house price for Sparks was $535,000. This was a slight decrease of 0.1% from last month, but a 5.7% increase from April 2023.
Inventory
During April, 620 homes and condos were added to the market. By the end of the month, 456 homes sold, leaving 786 listings available for purchase. At this rate of sale, if no other homes are added to the market, there would be enough inventory to satisfy buyer demand for 1.7 months.
Interest Rates
By the end of April 2024, interest rates were averaging around 7.17%. This is up 38 basis points from the end of January, and up 74 basis points from the same period last year.*
Thoughts for the April 2024 Market
In April, more inventory was added to the market. The number of new listings was up by almost 12%, which is good news. But, closed sales were also up by 13.2% and new pending sales were up by 7.8%, showing buyer demand is still high and outpacing supply. This is keeping the pricing strong, where on average, sellers are receiving 99% of their list price. And, in general it is taking around 11 days for homes to sell. Just under two weeks! So, what does this mean?
For Home Buyers Looking in the Reno/Sparks Market
Competition is fierce. If there is a home that you are interested in, the likelihood that someone else is also interested in the same property is high. Therefore, if it is something you like, and fits your needs, don’t hesitate, and do what you need to secure the home.
For Sellers Looking to Sell Their Reno/Sparks Home
Buyer demand is high, and if you’re planning on selling your home, now is a great time. However, it is important to know that with the interest rate being high, buyers have higher expectations for what they’ll get for their high mortgage payment. Therefore, make sure your home is in great condition, good repair, and priced in line with the market.
Conclusion
Overall, buyer demand, and low supply is keeping the Reno/Sparks market stable.
