Geeky Market Report for June 2024
Here is my Geeky Market Report for June 2024. During June inventory increased, and interest rates came down a little bit. As for values, home prices in Reno and Sparks rose. See the charts below for more details.
Reno Median Home Price in June 2024
The median house price in Reno rose to $630.001 in June 2024. This represents an increase of 0.8% from last month, and an increase of 1.3% from June 2023.
Sparks Median Home Price in June 2024
In June, the median house price for Sparks rose to $561,000. This was an increase of 3.9% from last month, and 4.3% from June 2023.
Inventory
During June, 674 homes and condos were added to the market. By the end of the month, 486 homes sold, leaving 1156 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 June 2024, interest rates were averaging around 6.86%. This is down 17 basis points from the end of May, and up 15 basis points from the same period last year.*
Thoughts for the June 2024 Market
In June, prices in both Reno and Sparks rose, almost to the point of their previous peaks during the spring/summer market of 2022. This is a function of low inventory. Even though interest rates are high, and even though inventory has risen during the summer months, there is still enough buyer demand for the limited number of available properties, that prices continue to steadily rise.
For Home Buyers Looking in the Reno/Sparks Market
Though inventory has increased, not every home is desirable, and will sell. This could create opportunity when looking for a property. If there are homes that need repairs or updates, you may find that they sit on the market longer. And, the longer they sit, the more likely the seller will be willing to negotiate with you. However, if making repairs and updates are not your thing, then on the homes you like, it would be best to move fast since there will most likely be competition.
For Sellers Looking to Sell Their Reno/Sparks Home
Preparing your home for sale, and pricing it in line with the market is key when selling. Since interest rates and home prices are high, many buyers are more particular about what they will actually purchase. If your home needs repairs or updates, it would be best to get those done so buyers don't pass over your listing. However, there is a balance to what you should spend on updating a property, and you want to make sure what money you spend will increase the value more than the cost. This is why consulting with an agent before hand is important. Agents should know what home projects are worth investing into, so you don't waste money.
Conclusion
Overall, buyer demand, and low supply is keeping values in the Reno/Sparks market stable.
