Geeky Market Report for December 2024
Here is my Geeky Market Report for December 2024. If you’re short on time, here are the key highlights:</>
- The median home price in Reno is up 7.4% year-over-year.
- The median home price in Sparks is up 4.5% year-over-year.
- Interest rates are heading back toward the 7% range.
- Despite high interest rates, low inventory is keeping home prices stable.
See the charts below for more details.
Reno Median Home Price in December 2024
The median home price in Reno rose to $644,500 in December 2024, representing a 2.3% increase from last month, as well as a 7.4% increase from December 2023.
Sparks Median Home Price in December 2024
In December, the median home price in Sparks was $549,000. This was a 3.6% increase from last month, as well as a 4.5% increase from December 2023.
Inventory
During December, 291 homes and condos were added to the market. By the end of the month, 428 homes sold, leaving 1,055 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 2.5 months.
Interest Rates
By the end of December 2024, interest rates were averaging around 6.85%. This is up 4 basis points from the end of November, and 24 basis points from the same period last year.*
Thoughts for the December 2024 Market
In December, inventory and volume of home sales dropped. This is to be expected and is a normal part of out market’s seasonality. Though the number of sales dropped, priced stayed stable. Both Reno and Sparks had increases in the median home price as opposed to November, as well as year over year increases from last December. So, what does this mean?
For Home Buyers Looking in the Reno/Sparks Market
Though inventory is low, as we move into the new year, it is typical for inventory to increase. This means if you’ve had a hard time finding an acceptable property through the last quarter, more options will be coming onto the market, making your home search a little bit easier.
For Sellers Looking to Sell Their Reno/Sparks Home
If you’re looking to sell, now can be a good time. In the same way that we begin to see more listings hit the market in January and through the late winter into spring, we also see buyer activity increase.
Conclusion
Overall, steady buyer demand and limited inventory are keeping the Reno/Sparks housing market stable.
