As real estate professionals, it’s our job to understand the numbers. As the leaves continue to change in splendor throughout our area, 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:

While some of the month-over-month figures came in slightly weaker (which could be attributed to typical seasonality), September’s year-over-year market statistics remained relatively strong. Median Sales Price increased 4.9% year-over-year, coming in at $587,500, although this was a decline of 3.7% from August 2024. Meanwhile, Median Sold Price Per Square Foot rose both year-over-year (8.3%) and month-over-month (1.9%).

Median Days To Contract has been on the rise recently, and it continued to increase in September–up a whopping 40.9% from the same period last year and up 19.2% from the previous month. Meanwhile, Closed Sales increased 13.1% from September 2023 and 4.7% from August.

Coming in at 98.6%, the Amount of List Price Received remained almost unchanged both year-over-year (-0.2%) and month-over-month (-0.6%). This means that sellers continue to receive almost full-price offers (98.6% of their list price) throughout the Reno/Sparks area.

New Listings were up by 19.3% from September 2023, but down 3.3% from the previous month. Additionally, Active Inventory increased by 15.8% year-over-year and fell a scant 0.5% month-over-month.

Lastly, Months’ Supply of Inventory came in at 2.5 months–up 2.3% from the same period in 2023 but steady from the month prior, and it’s evident that our growing area continues to experience a lack of home inventory, particularly when compared to demand.

Mortgage rates have remained steady after a period of decline over the past 18 months, though recent fluctuations have occurred. There is still reason to be optimistic, as long-term forecasts suggest that rates will continue to decrease if inflation eases.

Each year, experts attempt to predict interest rate trends, but they are often off the mark. In reality, if we could accurately forecast interest rates, we’d have a clearer view of the broader economy, but we simply can’t.

While trying to outguess the ups and downs of rates may seem tempting, one constant remains: historically, home prices tend to rise. This creates benefits for homeowners, such as building equity (similar to a savings account), property appreciation, tax advantages, and diversification of investment portfolios.

So, instead of focusing solely on interest rates, consider the value of the home, the investment it represents, and your monthly payment. Even in a higher-rate environment, you can still enjoy the many advantages of homeownership.

In a nutshell, our market continues to remain strong, and we continue to experience robust demand for housing. It is essential to hire a real estate professional who understands the importance of pricing–from both a seasonal and market-based perspective. At HomeGate Realty, we constantly study the market because the time we invest directly benefits our clients.
 

If you’re thinking about buying a home, stop worrying about interest rates. Yes, they’re important, but foregoing homeownership because of slightly higher interest rates neglects to take into account the investment value of a home and how it helps you build generational wealth. When you put off buying, you put yourself farther away from realizing market appreciation that accompanies owning a home in a high-demand, low-inventory environment.
 

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.