Reno-Sparks Real Estate Market Update: July 2023
It’s time for a real estate market update for Reno-Sparks! In this blog post, we will delve into the latest trends, statistics, and developments in the housing market to give you a comprehensive overview of what's happening in the area. As of July 2023, Reno-Sparks continues to be a dynamic and competitive market.
Market Overview
The Reno/Sparks Real Estate Market has heated up over the past two months. Most residential mortgages across the country and in Nevada are less than four percent. With the current mortgage rate of around seven percent, it makes it nearly impossible for anyone with a sub-four-recent mortgage to move because their monthly mortgage payment will be substantially higher.
As existing homeowners hit the pause button on selling, the number of listings has dropped by a staggering 40% year over year here locally. This has caused a shortage of resale houses and made it very difficult to find a home for people that need to buy. At this point, the law of supply and demand has taken over. There is very little supply and still fairly healthy buyer demand for homes under $750,000 and this means the median home price in our market is drifting higher.
However, the higher-end homes are a different story. Properties listed above $1 million are particularly affected by the affordability problem due to higher mortgage rates. This has resulted in a significant number of price reductions within that range.
If you are looking for even more details on the current Reno-Sparks Real Estate Market, check out our podcast with Elena Boland of Wholesale Mortgage! --> Reno-Sparks Monthly Real Estate Market Update for July 2023
Market Snapshot
- Median Home Price: $575k, down 4.2% YoY
- Closed Sales: 438, down 3.1% YoY
- Median Days to Contract: 16 days, up 18.5% YoY
- New Listings: 557, down 34.5% YoY
- Active Inventory: 726, down 40.5% YoY
- Months Supply of Inventory: 1.7, down 38.6% YoY
If you are considering buying or selling a property in the area, it's essential to stay informed about the latest market trends and consult with a local real estate professional to make the most informed decisions. Please reach out at any time for a non-obligation consultation. Email me or text/call at 775-525-0309.
As the market evolves, we will be sure to keep you updated so that you are informed about the ever-changing Reno-Sparks real estate landscape. Remember, knowledge is power in today's competitive market, and we're here to help you stay ahead of the curve. Happy buying and selling!
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