Geeky Market Report for January 2025
Here is my Geeky Market Report for January 2025. If you’re short on time, here are the key highlights:
- The median home price in Reno is up 8.2% year-over-year.
- The median home price in Sparks is up 2.5% year-over-year.
- Interest rates are in the 6% range.
- Despite high interest rates, low inventory is keeping home prices stable.
See the charts below for more details.
Reno Median Home Price in January 2025
The median home price in Reno dropped to $595,500 in January 2025, representing a 7.3% decrease from last month, abut an increase of 8.2% from January 2024.
Sparks Median Home Price in January 2025
In January, the median home price in Sparks was $532,000. This was a decrease of 3.1% from December, but a 2.5% increase from January 2024.
Inventory
During January, 506 homes and condos were added to the market. By the end of the month, 360 homes sold, leaving 998 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 2.8 months.
Interest Rates
By the end of January 2025, interest rates were averaging around 6.95%. This is up 10 basis points from the end of December, and 15 basis points from the same period last year.*
Thoughts for the January 2025 Market
In January, inventory remained low, and we saw a decrease in median price both for Reno and Sparks. This is to be expected, and falls in line with our normal market cycles. Though the median prices came down from December, the year of year price is still increasing, showing that home values are still appreciating. So, what does this all mean?
For Home Buyers Looking in the Reno/Sparks Market
Though inventory is low, as we move into the new year, buyer activity increases. For instance, during January, 432 homes went into escrow, which is 20% higher than the number of closed sales during that time. And, active inventory is at its lowest point since April 2024. This means there will be greater competition amongst buyers.
For Sellers Looking to Sell Their Reno/Sparks Home
If you’re looking to sell, now can be a good time. Buyer activity is strong, and inventory is low. This puts you in a stronger position when selling.
Conclusion
Overall, steady buyer demand and limited inventory are keeping the Reno/Sparks housing market stable.
