As real estate professionals, it’s our job to understand the numbers. With spring just around the corner, 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:

Market Highlights:

📌 Median Sales Price: $570,000 (+6.7% YoY, -5.7% MoM)
📌 Closed Sales: 289 (+15.1% YoY, -17.2% MoM)
📌 Median Days to Contract: 40 (+23.4% YoY, -22.5% MoM)
📌 List Price Received: 98.1% (-0.6% YoY, -0.2% MoM)
📌 Median Sold Price per SqFt: $310 (+6.2% YoY, -4.0% MoM)
📌 New Listings: 391 (+22.2% YoY, +73.0% MoM)
📌 Active Inventory: 683 (+22.2% YoY, -11.9% MoM)
📌 Months Supply of Inventory: 2.4 (+6.1% YoY, +6.4% MoM)

What This Means for Buyers

The market is seeing a healthy increase in new listings, giving buyers more options than in previous months. The median days to contract has increased year-over-year, meaning homes are sitting on the market slightly longer, which could give buyers more negotiating power.

However, home prices remain strong, up 6.7% from January 2024, showing continued appreciation in home values. The slight dip from December suggests seasonal adjustments, which could mean better deals for buyers willing to act quickly before the spring market heats up.

What This Means for Sellers

If you’re thinking of selling, the market remains favorable, with prices up from last year and list price received staying steady at 98.1%. While closed sales dipped from December, they’re significantly higher than last year, indicating strong buyer demand.

The increase in new listings means more competition, so pricing your home correctly and ensuring it stands out will be key to selling quickly.

Key Takeaways

✔ Prices are still climbing compared to last year, but seasonal adjustments are leading to some month-over-month declines.
✔ More homes are hitting the market, which benefits buyers looking for options.
✔ Demand remains strong, but homes are taking slightly longer to sell than last year.
✔ It’s still a seller’s market, but buyers have more breathing room.

As always, whether you’re buying or selling, having an expert by your side is crucial. At HomeGate Realty, we specialize in helping clients navigate the Reno/Sparks real estate market with confidence.

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. Let’s talk and make a plan to get you and your family to your goals today.