As real estate professionals, it’s our job to understand the numbers. As autumn slides into the Truckee Meadows, we are committed to keeping you up-to-date on important trends in our market. Each month in our Market Update, we’ll take a deeper dive into select reports to show how these numbers affect you and your loved ones.

Data provided by Sierra Nevada REALTORS®.

Let’s examine the most recent housing data from Sierra Nevada REALTORS® from two perspectives that provides insight into both long-term and short-term trends:

Median Sales Price remains strong at $610,000–up 5.2% from the same period last year and unchanged from July 2024. This stability is largely due to the robust demand and low supply of home inventory. Additionally, Median Sold Price Per Square Foot rose to $322, up 3.5% and 1.9%, respectively.

Closed Sales shored up in both periods–down 8.7% from August 2023 and down 9.8% from July 2024. This could be a natural seasonal shift as individuals and families refocused their efforts on preparing for fall and school starting.

Meanwhile, Median Days to Contract jumped to 26 days (which is still very short, comparatively speaking). However, this is significant, as figures increased by a whopping 52.9% year-over-year and 36.8% month-over-month.

Good news for sellers, though, is the Amount of List Price Received. This figure came in at 99.1%, meaning that sellers received 99.1% of their list price (nearly a full-price offer), and it remains steady from 2023 (up 0.2%) and July 2024 (no change).

New Listings are down for both time periods, totalling 499, which is a decrease of 2.5% from August 2023 and a decrease of 7.8% from July. Even though New Listings are down, Active Inventory increased by 12.0% year-over-year and fell a scant 2.1% month-over-month.

Notably, Months’ Supply of Inventory landed at 2.5 months; this is a jump of 22.7% from August 2023 and an increase of 8.4% from July 2024. Despite these rising figures, our growing area continues to experience a lack of home inventory, particularly when compared to the number of people who reside here.

Mortgage rates are currently flat after decreasing over the last two months. There is a decent amount of optimism that the Federal Reserve will announce a rate decrease between now and the end of the year. Their next meeting is scheduled for September 17 and 18.

If you’re thinking about selling your home, our market remains strong. It is, however, crucial to hire an experienced real estate professional who deeply understands the importance of preparation, presentation, and pricing. These three things are crucial to achieving success in every real estate market.
 

If you’re thinking about buying a home, now is a great time to do so. Despite the optimism among the pundits, there is no guarantee that rates will decrease this year. However, there is a strong indication that home prices will continue to climb, particularly because of the fact that there isn’t a short-term solution to the lack of home inventory in our area. Making a purchase today means that you have the ability to leverage future appreciation in our market.
 

As either a Home Seller or Home Buyer, if you have questions specific to your situation, we’re always happy to sit down with you, listen to your needs, and put together a plan to help you reach your goals. Contact us today if we can help.

Both Home Sellers and Home Buyers can win in this market, and we are in the business of making that happen for our clients. We have a deep understanding of the local market and a knack for obtaining favorable terms for our clients. Contact us today.