Reno Real Estate Blog

Geeky Market Report for July 2024

Here is my Geeky Market Report for July 2024. During July inventory increased, and interest rates came down a little bit. As for values, home prices in Reno rose while Sparks remained steady. See the charts below for more details.

Reno Median Home Price in July 2024

The median house price in Reno rose to $672,500 in July 2024. This represents an increase of 6.7% from last month and 11.5% from July 2023. This is a new record for Reno.

Sparks Median Home Price in July 2024

In July, the median house price in Sparks dropped to $555,000. This is a decrease of 1.1% from last month but an increase of 4.6% from July 2023.

Inventory

During July, 649 homes and condos were added to the market. By the end of the month, 505 homes had sold, leaving 1,230 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 July 2024, interest rates were averaging around 6.78%. This is down 10 basis points from the end of June and 3 basis points from the same period last year.*

Thoughts for the July 2024 Market

In July, pricing held strong with Reno’s median home price hitting an all-time high of $672,500. Usually, I would say that this is a direct result of low inventory, but the number of active listings in Reno and Sparks, 1,230, is the highest it has been since November 2022. Also, the MSI (Months of Supply Index) is at its highest since last November. It’s more likely that a decrease in interest rates has contributed to the increase in sales prices. Not every home sells, but the best ones—those that are the most attractive to buyers and are priced right—do. With a little extra margin from lower interest rates, buyers are more likely to pay closer to the list price and secure the home they want. This is reflected in the fact that, on average, sellers are receiving 99.1% of their list price. So, what does this mean?

For Home Buyers Looking in the Reno/Sparks Market

On the best homes, competition is stiff, and you’ll likely be paying a premium. With the median days to contract being 21, finding homes that have been on the market longer than that is a great way to find a good deal.

For Sellers Looking to Sell Their Reno/Sparks Home

Know that not every home sells. To solicit offers from buyers, your home needs to be attractive in both condition and price.

Joshua Skroch

The Reno/Sparks Real Estate Geek

I serve families in the Reno-Sparks area who are done with slick salesmen and just want a REALTOR® who’s on their side and will fight for them. I help get you exactly what you want, which is the best price for the home you’re selling or the best value for the home you want. Read more about me

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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.

Joshua Skroch

The Reno/Sparks Real Estate Geek

I serve families in the Reno-Sparks area who are done with slick salesmen and just want a REALTOR® who’s on their side and will fight for them. I help get you exactly what you want, which is the best price for the home you’re selling or the best value for the home you want. Read more about me

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Geeky Market Report for April 2024

Here is my Geeky Market Report for April 2024. During April inventory grew, but so did sales. Home prices in Reno and Sparks were stable, and interest rates were up from March. See the charts below for more details.

Reno Median Home Price in April 2024

The median house price in Reno dropped to $572,500 in April 2024. This represents a decrease of 6.3% from last month, but an increase of 3.2% from April 2023.

Sparks Median Home Price in April 2024

In April, the median house price for Sparks was $535,000. This was a slight decrease of 0.1% from last month, but a 5.7% increase from April 2023.

Inventory

During April, 620 homes and condos were added to the market. By the end of the month, 456 homes sold, leaving 786 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 April 2024, interest rates were averaging around 7.17%. This is up 38 basis points from the end of January, and up 74 basis points from the same period last year.*

Thoughts for the April 2024 Market

In April, more inventory was added to the market. The number of new listings was up by almost 12%, which is good news. But, closed sales were also up by 13.2% and new pending sales were up by 7.8%, showing buyer demand is still high and outpacing supply. This is keeping the pricing strong, where on average, sellers are receiving 99% of their list price. And, in general it is taking around 11 days for homes to sell. Just under two weeks! So, what does this mean?

For Home Buyers Looking in the Reno/Sparks Market

Competition is fierce. If there is a home that you are interested in, the likelihood that someone else is also interested in the same property is high. Therefore, if it is something you like, and fits your needs, don’t hesitate, and do what you need to secure the home.

For Sellers Looking to Sell Their Reno/Sparks Home

Buyer demand is high, and if you’re planning on selling your home, now is a great time. However, it is important to know that with the interest rate being high, buyers have higher expectations for what they’ll get for their high mortgage payment. Therefore, make sure your home is in great condition, good repair, and priced in line with the market.

Joshua Skroch

The Reno/Sparks Real Estate Geek

I serve families in the Reno-Sparks area who are done with slick salesmen and just want a REALTOR® who’s on their side and will fight for them. I help get you exactly what you want, which is the best price for the home you’re selling or the best value for the home you want. Read more about me

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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.

Joshua Skroch

The Reno/Sparks Real Estate Geek

I serve families in the Reno-Sparks area who are done with slick salesmen and just want a REALTOR® who’s on their side and will fight for them. I help get you exactly what you want, which is the best price for the home you’re selling or the best value for the home you want. Read more about me

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Geeky Market Report for February 2024

Here is my Geeky Market Report for February 2024. During February inventory remained low, and prices in Reno dropped slightly, while prices in Sparks rose a little bit. Interest rates went up from January, but began to come down towards the end of the month. The charts below detail these changes.

Reno Median Home Price in February 2024

The median house price in Reno dropped to $567,500 in February 2024. This represents a decrease of 0.4% from last month, but an increase of 8.5% from February 2023.

Sparks Median Home Price in February 2024

In February, the median house price for Sparks rose to $530,000. This was an increase of 2.1% from last month, as well as an increase of 5.6% from February 2023.

Inventory

During February, 427 homes and condos were added to the market. By the end of the month, 372 homes sold, leaving 660 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 1.8 months.

Interest Rates

By the end of February 2024, interest rates were averaging around 6.94%. This is up 4 basis points from the end of January, and up 44 basis points from the same period last year.*

Thoughts for the February 2024 Market

In February, inventory levels fell keeping home values stable. The overall number of active listings available for purchase at the end of the month was 660. This was a difference 12.8% from last month, and a difference of 17.4% from February 2023. February usually marks the end of the winter market in Reno and Sparks, and March is when we start to see a higher volume of listings available. However, active inventory has been on a downward trend since September, and is currently holding at lower levels than last year. So, what does this mean?

For Home Buyers Looking in the Reno/Sparks Market

With low inventory comes high competition. This means that if a house that you like comes on the market, there will likely be others interested in it. So, to secure your home, you will need to make sure your offer is clean, and strong.

For Sellers Looking to Sell Their Reno/Sparks Home

It is a seller’s market, meaning that you have more leverage than buyers, and home values will outpace inflation. That being said, if you want to maximize your bottom line when selling your home, it needs to be show ready, marketed properly, and priced in line with the market.

Joshua Skroch

The Reno/Sparks Real Estate Geek

I serve families in the Reno-Sparks area who are done with slick salesmen and just want a REALTOR® who’s on their side and will fight for them. I help get you exactly what you want, which is the best price for the home you’re selling or the best value for the home you want. Read more about me

Text MeCall MeI need to sell my homeSend Message

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Boost the Curb Appeal – How to Prep Your Reno Home for Selling This Spring

In the Reno/Sparks market, springtime is a time when many sellers decide to put their home for sale, and this is for many reasons. First, there are usually more buyers out and looking at homes than there are during the winter. A lot of people plan to move during the summer while their kids are out of school, so they try to secure a property before summer starts. This additional demand usually puts prices on an upward trend, so many homeowners want to take advantage of this season, and maximize their profits. Another reason seller like to wait until spring to list is because their home will have better curb appeal during the spring and summer months. Flowers will be in bloom, grass will be green, and trees will be full, creating an environment that is enticing to buyers. So, if you’re thinking about selling your home this spring, here are three simple projects to focus on that will help you boost your curb appeal.

Landscaping

After all the snow we’ve had this winter, landscape maintenance is a must. Making sure all the pine needles, tree leaves, and other yard debris are raked up disposed of will be a great start to making your yard appealing. Also, be sure to trim any trees and bushes, getting rid of any overgrowth or dead limbs. And finally, get on top of aerating and fertilizing your lawn so grown I super green, lush, and inviting to buyers.

Windows

Windows are a part of the house that people overlook. But buyers on the other hand, will notice right away. Take some time to walk around your home and check out all your windows. Are they dirty on the outside? Have the screens collected debris? Do the screens need repair, or are they missing? How about the window coverings, do they need to be cleaned, repaired or replaced? Windows that are clean, in good repair, and adorned with tasteful window coverings make a good impression on buyers.

Entryway

Sprucing up your entryway is a great way to make your home feel inviting to buyers. A lot of times it is ignored because most people enter their home through their garage, and don’t notice the peeling paint on their door, or the cobwebs accumulating in the corners. So, take a moment to sweep and dust out your entryway. Make sure the screen doors are clean. Repainting or staining your door will give it a fresh look. Also, buying a new welcome mat, and adding fresh flowers will really enhance the look of your home.

Key Point

When it comes to preparing your home for sale, this is not a conclusive list by any means, but it is a great way to get started on some inexpensive, DIY projects that will definitely boost your home’s curb appeal. If you need more tips on getting ready to sell, feel free to reach out.

Geeky Market Report for January 2024

Here is my Geeky Market Report for January 2024. During January inventory remained low, and prices in Reno and Sparks dropped slightly. Interest rates went up from December, but so did sales. Below you will see how the Reno/Sparks market has remained stable.

Reno Median Home Price in January 2024

The median house price in Reno dropped to $574,995 in January 2024. This represents a decrease of 5.7% from last month, but an increase of 9.5% from January 2023.

Sparks Median Home Price in January 2024

In January, the median house price for Sparks fell to $519,500. This was a decrease of 1.2% from last month, but was an increase of 4.4% increase from January 2023.

Inventory

During January, 411 homes and condos were added to the market. By the end of the month, 309 homes sold, leaving 722 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.

Interest Rates

By the end of January 2024, interest rates were averaging around 6.9%. This is up 29 basis points from the end of December, and up 77 basis points from the same period last year.*

Thoughts for the January 2024 Market

January showed a small dip in prices in the Reno/Sparks area. This is falls in line with our seasonal market cycles and is to be expected. Also, in January, we saw interest rates rise after their drop in December. However, still much lower than last year's high of 7.79%. This increase in January has not slowed down sales either. In January, new pending sales (homes going into escrow), were up by 37.3% from December, and 7.3% from last year. So what does this mean? Find out below.

For Home Buyers Looking in the Reno/Sparks Market

Though interest rates are high, there are still enough interested buyers in the market to keep pricing strong. On average, sellers are receiving 98.5% of their list price. So, getting much of a discount on a property is not likely. Instead, make sure offers are in line with the market, and if there happens to be more than one offer, be sure to make your offer strong so you can secure the home you want.

For Sellers Looking to Sell Their Reno/Sparks Home

Though low inventory is on your side, not every home sells. For instance, in January, 83 homes came off the market without selling. That is over 10% of the active inventory. So, it is important to remember to price your home appropriately, and to make sure that it is in sale condition.

Geeky Market Report for December 2023

Here is my Geeky Market Report for December 2023. During December inventory remained low, and prices in Reno and Sparks have held strong. Also, due to the current market environment, I have decided to start including data on interest rates. So, below, you will see information of where the rates stood during the month December.

Reno Median Home Price in December 2023

The median house price in Reno rose to $610,000 in December 2023.  This represents an increase of 5.9% from last month, and 14.7% from December 2022.

Sparks Median Home Price in December 2023

In December the median house price for Sparks dropped to $520,000. This is a decrease of 1.9% from last month, but a 5.1% increase from December 2022.

Inventory

During December, 271 homes and condos were added to the market. By the end of the month, 343 homes sold, leaving 786 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.

Interest Rates

During 2023, interest rates were mostly in the sixes, but did climb up to 7.79% in October. By the end of the year rates for a 30-Year conventional loan came back down, and were averaging around 6.61%.

Thoughts for the December 2023 Market

In December, prices remained strong. Reno’s median price went up from last month, and even though Sparks’ price went down, it wasn’t by much. When we look at the year over year prices, both regions have increased in value. This is a direct result of low inventory. Currently, buyer demand is strong, and is putting a strain on the already limited inventory. Also, interest rates began to dip in December, creating more buyer urgency. So, what does this mean? Find out below.

For Home Buyers Looking in the Reno/Sparks Market

If interest rates continue to soften, more buyers will enter the market, and competition for homes will increase. This could mean more multiple offer situations, as well as homes not sitting on the market as long. Be prepared. Make sure you are prequalified, so when you are ready to pull the trigger, you won’t lose any time.

For Sellers Looking to Sell Their Reno/Sparks Home

Interest rates are still high, and buyers want to make sure that they are getting a good value for their large monthly payments. This means that if your house needs updating, or repairs, most buyers will either wait for a better home to come along, or offer you a low price. So, if you are thinking of selling, it is important to make sure your home is in showing condition.

Joshua Skroch

The Reno/Sparks Real Estate Geek

I serve families in the Reno-Sparks area who are done with slick salesmen and just want a REALTOR® who’s on their side and will fight for them. I help get you exactly what you want, which is the best price for the home you’re selling or the best value for the home you want. Read more about me

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Geeky Market Report for November 2023

Here is my Geeky Market Report for November 2023. During November inventory remained low, and prices in Reno and Sparks have dipped a little, which for the time of the year, is not unusual. For more details, check out the numbers below.

Reno Median Home Price in November 2023

The median house price in Reno dropped to $585,000 in November 2023. This represents a decrease of 2.5% from last month, but an increase of 3.2% from November 2022.

Sparks Median Home Price in November 2023

In November, the median house price for Sparks rose to $530,000. This was an increase of 1.9% from last month, as well as a 3.9% increase from November 2022.

Inventory

During November, 514 homes and condos were added to the market. By the end of the month, 371 homes sold, leaving 897 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.

Thoughts for the November 2023 Market

November showed a little bit of cool down for the Reno Sparks real estate market. This is to be expected, since many buyers suspend their home search until the beginning of the new year, and a majority of sellers follow suit, and decide to wait to list their home until January or later towards the spring. Though the overall volume of activity dropped, buyer demand was still strong enough to hold prices steady. This could be seen in the fact that the months supply of inventory for Reno and Sparks was at 2.5 months, which is still a seller's market, and on average, sellers received 97.9% of their list price. When compared to July of this year, the average amount received was 98.9%. So, what does this mean for buyers and sellers in Reno/Sparks area? Find out below.

For Home Buyers Looking in the Reno/Sparks Market

A lot of sellers would rather sell during the spring, when there are more buyers in the market. So, if they are selling now, there is a good chance that there is a reason why they are not waiting. Which means they may be motivated to sell, and more willing to negotiate.

For Sellers Looking to Sell Their Reno/Sparks Home

Since inventory is low, buyers will have fewer options. And, if they are out looking during the winter, chances are that they are motivated as well. Though you may not be able to call all the shots, you will have leverage when negotiating with buyers.

Joshua Skroch

The Reno/Sparks Real Estate Geek

I serve families in the Reno-Sparks area who are done with slick salesmen and just want a REALTOR® who’s on their side and will fight for them. I help get you exactly what you want, which is the best price for the home you’re selling or the best value for the home you want. Read more about me

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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.

Joshua Skroch

The Reno/Sparks Real Estate Geek

I serve families in the Reno-Sparks area who are done with slick salesmen and just want a REALTOR® who’s on their side and will fight for them. I help get you exactly what you want, which is the best price for the home you’re selling or the best value for the home you want. Read more about me

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