Geeky Market Report for December 2023
Here is my Geeky Market Report for December 2023. During December inventory remained low, and prices in Reno and Sparks have held strong. Also, due to the current market environment, I have decided to start including data on interest rates. So, below, you will see information of where the rates stood during the month December.
Reno Median Home Price in December 2023
The median house price in Reno rose to $610,000 in December 2023. This represents an increase of 5.9% from last month, and 14.7% from December 2022.
Sparks Median Home Price in December 2023
In December the median house price for Sparks dropped to $520,000. This is a decrease of 1.9% from last month, but a 5.1% increase from December 2022.
Inventory
During December, 271 homes and condos were added to the market. By the end of the month, 343 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 2.3 months.
Interest Rates
During 2023, interest rates were mostly in the sixes, but did climb up to 7.79% in October. By the end of the year rates for a 30-Year conventional loan came back down, and were averaging around 6.61%.
Thoughts for the December 2023 Market
In December, prices remained strong. Reno’s median price went up from last month, and even though Sparks’ price went down, it wasn’t by much. When we look at the year over year prices, both regions have increased in value. This is a direct result of low inventory. Currently, buyer demand is strong, and is putting a strain on the already limited inventory. Also, interest rates began to dip in December, creating more buyer urgency. So, what does this mean? Find out below.
For Home Buyers Looking in the Reno/Sparks Market
If interest rates continue to soften, more buyers will enter the market, and competition for homes will increase. This could mean more multiple offer situations, as well as homes not sitting on the market as long. Be prepared. Make sure you are prequalified, so when you are ready to pull the trigger, you won’t lose any time.
For Sellers Looking to Sell Their Reno/Sparks Home
Interest rates are still high, and buyers want to make sure that they are getting a good value for their large monthly payments. This means that if your house needs updating, or repairs, most buyers will either wait for a better home to come along, or offer you a low price. So, if you are thinking of selling, it is important to make sure your home is in showing condition.
Conclusion
Overall, the Reno/Sparks real estate market remains strong. If interest rates come down more, we are likely to see more buyers enter the market which will in turn strengthen prices.
