Geeky Market Report for January 2024
Here is my Geeky Market Report for January 2024. During January inventory remained low, and prices in Reno and Sparks dropped slightly. Interest rates went up from December, but so did sales. Below you will see how the Reno/Sparks market has remained stable.
Reno Median Home Price in January 2024
The median house price in Reno dropped to $574,995 in January 2024. This represents a decrease of 5.7% from last month, but an increase of 9.5% from January 2023.
Sparks Median Home Price in January 2024
In January, the median house price for Sparks fell to $519,500. This was a decrease of 1.2% from last month, but was an increase of 4.4% increase from January 2023.
Inventory
During January, 411 homes and condos were added to the market. By the end of the month, 309 homes sold, leaving 722 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
By the end of January 2024, interest rates were averaging around 6.9%. This is up 29 basis points from the end of December, and up 77 basis points from the same period last year.*
Thoughts for the January 2024 Market
January showed a small dip in prices in the Reno/Sparks area. This is falls in line with our seasonal market cycles and is to be expected. Also, in January, we saw interest rates rise after their drop in December. However, still much lower than last year's high of 7.79%. This increase in January has not slowed down sales either. In January, new pending sales (homes going into escrow), were up by 37.3% from December, and 7.3% from last year. So what does this mean? Find out below.
For Home Buyers Looking in the Reno/Sparks Market
Though interest rates are high, there are still enough interested buyers in the market to keep pricing strong. On average, sellers are receiving 98.5% of their list price. So, getting much of a discount on a property is not likely. Instead, make sure offers are in line with the market, and if there happens to be more than one offer, be sure to make your offer strong so you can secure the home you want.
For Sellers Looking to Sell Their Reno/Sparks Home
Though low inventory is on your side, not every home sells. For instance, in January, 83 homes came off the market without selling. That is over 10% of the active inventory. So, it is important to remember to price your home appropriately, and to make sure that it is in sale condition.
Conclusion
Overall, pricing in the Reno/Sparks market is stable, and until more inventory is introduced to the market, it is likely to stay that way.
