Geeky Market Report for September 2023
Here is my Geeky Market Report for September 2023. During September, inventory remained low, and held prices in Reno and Sparks fairly stable. For more details, check out the numbers below.
Reno Median Price Point in September 2023
The median house price in Reno dropped to $610,000 in September 2023. This represents a decrease of 1.2% from last month, but an increase of 13% from September 2022.
Sparks Median Price Point in September 2023
In September, the median house price for Sparks rose to $530,000. This was an increase of 2.9% from last month, as well as a 1% increase from September 2022.
Inventory
During September 514 homes and condos were added to the market. By the end of the month, 460 homes sold, leaving 1,037 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 2.3 months.
Thoughts for the September 2023 Market
As summer ends and we enter the fall season, we’re starting to see the volume of activity drop. Both on the listing side and the buying side. And, since the drop in volume is on both sides, it hasn’t significantly affected prices. Looking at Reno, the median price is only 2% off its annual peak of $622,000, and Sparks is only 1.5% off its yearly high point of $538,000.
Though interest rates are high, we find that home values are remaining stable. A large part of this is because most "would-be" sellers are not seeing the benefit of trading out their low interest rate mortgage for a higher one, and consequently deciding to stay put. So, what does this mean for buyers and sellers in Reno? Find out below:
For Reno Home Buyers
Inventory is low, which may mean that negotiating will be more difficult. So, it is important to work with your lender, and see what options are available for easing the burden of these rates. And, when possible, see if you can get any credits or concessions from the seller. It never hurts to ask.
For Reno Home Sellers
Understand that any buyer getting a loan will have a high mortgage payment, and the last thing they’ll want to do is spend a lot of money fixing up their new home. With that in mind, having your house as close to turn key as possible is a must. In today’s market, most buyers will go to a more expensive house where there is less work to be done, than spend the money on something that needs work.
Conclusion
Overall, the Reno/Sparks market is stable, but both buyers and sellers have a lot more obstacles to navigate than they used to. This is why having an experienced agent is of utmost importance.
