Geeky Market Report for July 2024
Here is my Geeky Market Report for July 2024. During July inventory increased, and interest rates came down a little bit. As for values, home prices in Reno rose while Sparks remained steady. See the charts below for more details.
Reno Median Home Price in July 2024
The median house price in Reno rose to $672,500 in July 2024. This represents an increase of 6.7% from last month and 11.5% from July 2023. This is a new record for Reno.
Sparks Median Home Price in July 2024
In July, the median house price in Sparks dropped to $555,000. This is a decrease of 1.1% from last month but an increase of 4.6% from July 2023.
Inventory
During July, 649 homes and condos were added to the market. By the end of the month, 505 homes had sold, leaving 1,230 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 2.4 months.
Interest Rates
By the end of July 2024, interest rates were averaging around 6.78%. This is down 10 basis points from the end of June and 3 basis points from the same period last year.*
Thoughts for the July 2024 Market
In July, pricing held strong with Reno’s median home price hitting an all-time high of $672,500. Usually, I would say that this is a direct result of low inventory, but the number of active listings in Reno and Sparks, 1,230, is the highest it has been since November 2022. Also, the MSI (Months of Supply Index) is at its highest since last November. It’s more likely that a decrease in interest rates has contributed to the increase in sales prices. Not every home sells, but the best ones—those that are the most attractive to buyers and are priced right—do. With a little extra margin from lower interest rates, buyers are more likely to pay closer to the list price and secure the home they want. This is reflected in the fact that, on average, sellers are receiving 99.1% of their list price. So, what does this mean?
For Home Buyers Looking in the Reno/Sparks Market
On the best homes, competition is stiff, and you’ll likely be paying a premium. With the median days to contract being 21, finding homes that have been on the market longer than that is a great way to find a good deal.
For Sellers Looking to Sell Their Reno/Sparks Home
Know that not every home sells. To solicit offers from buyers, your home needs to be attractive in both condition and price.
Conclusion
Overall, the real estate market in Reno and Sparks shows resilience despite varied trends. Rising prices in Reno and steady gains in Sparks indicate strong buyer demand.
