Geeky Market Report for October 2024
Here is my Geeky Market Report for October 2024. If you’re short on time, here are the key highlights:</>
- The median home price in Reno is up 6.5% year-over-year.
- The median home price in Sparks is up 3.9% year-over-year.
- Interest rates are heading back toward the 7% range.
- Despite high interest rates, low inventory is keeping home prices stable.
See the charts below for more details.
Reno Median Home Price in October 2024
The median home price in Reno rose to $649,500 in October 2024, representing a 3.9% increase from last month, as well as a 6.5% increase from October 2023.
Sparks Median Home Price in October 2024
In October, the median home price in Sparks dipped slightly to $545,000. This was a 1.8% decrease from last month, but a 3.9% increase from October 2023.
Inventory
During October, 580 homes and condos were added to the market. By the end of the month, 489 homes sold, leaving 1,316 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 2.7 months.
Interest Rates
By the end of October 2024, interest rates were averaging around 6.72%. This is up 64 basis points from the end of September, but down 107 basis points from the same period last year.*
Thoughts for the October 2024 Market
In October, home prices in Reno and Sparks saw a year over year gain, and this is primarily a function of low inventory. Even though interest rates are high, so is buyer demand. And, there still isn’t enough inventory to give buyers enough leverage to get significant discounts on homes. For instance, on average, sellers are receiving 98.6% of their list price when selling their home. Also, it is important to note that not all homes sell with a loan. In October, 28.4% of sales were cash. So, what does this mean?
For Home Buyers Looking in the Reno/Sparks Market
Though prices are holding strong, only 13.7% of homes are selling above the list price. Showing that there is still room for negotiation in this market.
For Sellers Looking to Sell Their Reno/Sparks Home
Buyer demand remains strong, but not every home sells immediately. The median days to contract in October was 30. This means that you will be likely waiting a month before getting your home sold. In order to get into contract sooner, your home needs to outshine the its competition when it comes to condition, price, and value.
Conclusion
Overall, steady buyer demand and limited inventory are keeping the Reno/Sparks housing market stable.
