Geeky Market Report for March 2024
Here is my Geeky Market Report for March 2024. During March inventory remained low, and home prices in Reno and Sparks rose. Interest rates were down from February, but began to climb towards the end of the month. See the charts below for more details.
Reno Median Home Price in March 2024
The median house price in Reno rose to $613,000 in March 2024. This represents an increase of 8.5% from last month, and 10.5% from March 2023.
Sparks Median Home Price in March 2024
In March the median house price for Sparks rose to $535,500. This is an increase of 0.8% from last month, as well as a 6% increase from March 2023.
Inventory
During March, 542 homes and condos were added to the market. By the end of the month, 401 homes sold, leaving 693 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 1.7 months.
Interest Rates
By the end of March 2024, interest rates were averaging around 6.74%. This is down 20 basis points from the end of February, and up 42 basis points from the same period last year.*
Thoughts for the March 2024 Market
In March, the Reno/Sparks market remained strong for sellers. Pricing was up in both cities as a direct result of low inventory. Historically, in our area we’ve seen inventory start to build around the months of March and April, and continue to rise through the summer. That being said, it would take quite a bit of inventory to satisfy buyer demand and soften prices. For instance, In March there were 542 new listings added to the market, but during that same period, 523 homes went into escrow. Homes are being purchased almost as quick as they are being put on the market. This is why the average seller is getting 98.8% of their list price. So, what does this mean?
For Home Buyers Looking in the Reno/Sparks Market
Competition is stiff. In general, asking for too many concessions will be counterproductive. Instead understand that you’ll be competing with other buyers, and key to securing a home, giving an offer to the seller that is reasonable, and in line with the market.
For Sellers Looking to Sell Their Reno/Sparks Home
Though low inventory is on your side, interest rates are still high causing buyers to have large mortgage payments. That being said, many buyers will pass over your home if it is way over-priced, or requires a lot of work. So, when listing your home, be sure it is in salable condition, and is priced appropriately.
Conclusion
With less than two months of inventory, the Reno/Sparks market would still be considered a seller’s market. Meaning the home prices will continue to appreciate on a year over year basis.
