Geeky Market Report for February 2024
Here is my Geeky Market Report for February 2024. During February inventory remained low, and prices in Reno dropped slightly, while prices in Sparks rose a little bit. Interest rates went up from January, but began to come down towards the end of the month. The charts below detail these changes.
Reno Median Home Price in February 2024
The median house price in Reno dropped to $567,500 in February 2024. This represents a decrease of 0.4% from last month, but an increase of 8.5% from February 2023.
Sparks Median Home Price in February 2024
In February, the median house price for Sparks rose to $530,000. This was an increase of 2.1% from last month, as well as an increase of 5.6% from February 2023.
Inventory
During February, 427 homes and condos were added to the market. By the end of the month, 372 homes sold, leaving 660 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 1.8 months.
Interest Rates
By the end of February 2024, interest rates were averaging around 6.94%. This is up 4 basis points from the end of January, and up 44 basis points from the same period last year.*
Thoughts for the February 2024 Market
In February, inventory levels fell keeping home values stable. The overall number of active listings available for purchase at the end of the month was 660. This was a difference 12.8% from last month, and a difference of 17.4% from February 2023. February usually marks the end of the winter market in Reno and Sparks, and March is when we start to see a higher volume of listings available. However, active inventory has been on a downward trend since September, and is currently holding at lower levels than last year. So, what does this mean?
For Home Buyers Looking in the Reno/Sparks Market
With low inventory comes high competition. This means that if a house that you like comes on the market, there will likely be others interested in it. So, to secure your home, you will need to make sure your offer is clean, and strong.
For Sellers Looking to Sell Their Reno/Sparks Home
It is a seller’s market, meaning that you have more leverage than buyers, and home values will outpace inflation. That being said, if you want to maximize your bottom line when selling your home, it needs to be show ready, marketed properly, and priced in line with the market.
Conclusion
Overall, pricing in the Reno/Sparks market is stable, and until more inventory is added to the market, it is likely to stay that way.
