May’s Reno-Sparks real estate trends were encouraging for sellers and buyers alike. Sellers benefited from yet another increase in median sales price, making it the fourth straight month of growth. As the Reno-Sparks market comes into peak summer season, it’s likely that this increase will last well into August.
Buyers benefited from an increase in new listings and active inventory. Low quantities of new listing and active inventory, causing an inventory crunch, can force home prices to appreciate too quickly. The steady growth in both measurements indicates a healthy real estate market, with plenty of options for potential homebuyers.
Take a look at the numbers with me in May’s Reno-Sparks real estate trends video breakdown.
https://vimeo.com/826366692
Here’s what you need to know:
- In May, the median home price in the Reno-Sparks area reached $550,000—a 2.8% month-over-month increase. The average home sold for 98.8% of asking price in May, which is a slight decrease from the 99.1% average in April—likely due to increasing interest rates.
- 450 homes sold in May, an increase of 8% month-over-month, but a decrease of 24% year-over-year. While this is a significant decrease from the hot market of May 2022, it’s still a sign of a healthy real estate market and increasing demand.
- May saw 510 homes go into contract, a significant increase of 20% month-over-month, indicative of high buyer demand.
- New listings jumped 18% month-over-month, totaling 596 homes in May compared to the 505 in April. This increase in inventory will continue to push the market toward a healthy rate of expansion.
- Active inventory continues to rise throughout the course of 2023. With 730 homes active on the market, a 3% month-over-month increase, the Reno-Sparks real estate market is unlikely to fall into an inventory crunch.
- Average days-to-contract increased slightly, from 13 days in April to 15 days in May. With a 15-day average, the market is still turning quickly, even as it marginally cools.
Overall, we’re seeing good buyer demand going into the summer and believe that will push buyers back to bidding 100% asking price, making a healthy market for sellers.
