Geeky Market Report for September 2024
Here is my Geeky Market Report for September 2024. During the month, inventory remained steady, and interest rates decreased. Home prices in both Reno and Sparks declined slightly. See the charts below for more details.
Reno Median Home Price in September 2024
The median home price in Reno dropped to $625,000 in September 2024, representing a 3.8% decrease from last month, but a 3.1% increase from September 2023.
Sparks Median Home Price in September 2024
In September, the median home price in Sparks dipped slightly to $555,000. This was a 0.5% decrease from last month, but a 4.8% increase from September 2023.
Inventory
During September 614 homes and condos were added to the market. By the end of the month, 492 homes sold, leaving 1,353 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 2.8 months.
Interest Rates
By the end of September 2024, interest rates were averaging around 6.08%. This is down 27 basis points from the end of August, and down 123 basis points from the same period last year.*
Thoughts for the September 2024 Market
In September, Reno experienced a nearly 4% decrease in home prices, while Sparks saw a modest decline of only 0.5%. This trend is common, as home values in the Reno/Sparks area typically soften after summer, continuing into the fourth quarter. Additionally, interest rates reached their lowest point over the past 12 months. Unfortunately, as of this writing, rates have already increased back up to 7%, though this is still 31 basis points below where they were at the same time last year. Though prices are softening, and rates are unpredictable, buyer demand is staying steady. So, what does this mean?
For Home Buyers Looking in the Reno/Sparks Market
As we enter the winter market, seasonal trends indicate that some sellers are willing to accept offers below their list price. Now might be a great time to find a deal.
For Sellers Looking to Sell Their Reno/Sparks Home
Buyer demand remains strong, though not overwhelming. Not every home sells immediately, and nearly 50% of sold homes have had at least one price reduction before receiving an offer that led to a sale. This means that to successfully sell your home, it should be in good condition and, more importantly, priced competitively with current buyer expectations.
Conclusion
Overall, steady buyer demand and limited inventory are keeping the Reno/Sparks housing market stable.
