As real estate professionals, it’s our job to understand the numbers. As the new year approaches, 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:

Similar to previous months, the statistics published for November point to a robust real estate market that continues to grapple with chronically low home inventory (even though inventory levels increased slightly). The Median Sales Price topped at $583,500, up 5.0% from the same period in 2023 and up only fractionally from October. Expectedly, the Median Sold Price Per Square Foot echoed the same trend–up by 8.9% from November 2023 and up by 3.7% from October 2024.

Meanwhile, Closed Sales (328) crept up by 3.5% year-over-year but declined a whopping 22.1% month-over-month. This pull-back is likely indicative of expected holiday seasonality, but it could also be a result of the uptick in interest rates as of late.

Median Days To Contract held relatively steady at 31 days, a decrease of 6.2% from November 2023 and a marginal increase of 1.7% from October 2024. List Price Received remained almost unchanged at 98.5%, indicating that Sellers continue to get at–or very near–their asking price.

Coming in at 341, New Listings jumped 22.7% year-over-year but dropped 28.8% month-over-month. Similarly, Active Inventory (893) increased 19.1% from November 2023 but declined 11.6% from the month prior. Both of these month-over-month declines likely have a seasonality component. Interestingly, though, Months Supply Of Inventory increased in both time periods, coming in at 2.7 months.

If you’re considering selling your home now or in the near future, take confidence in the fact that home prices in our area remain steady and the market is strong, even with the challenges of limited inventory—an advantage for current homeowners. Partnering with a real estate professional who truly understands the dynamic Northern Nevada market is key. At HomeGate Realty, we focus on your unique financial goals, priorities, and needs, creating a personalized strategy to help you achieve them. Even if you’re planning to sell this coming spring, now is the perfect time to start preparing. Let’s connect soon to discuss the process and ensure you’re ready to maximize the net proceeds from your sale. We’re here to support you every step of the way.
 

The low inventory and rising median home prices might make you hesitant to jump into the housing market—but here’s our advice: don’t wait. Prices aren’t likely to drop anytime soon due to the ongoing supply-demand imbalance. Additionally, don’t let interest rates hold you back. In Northern Nevada, the potential for market appreciation far outweighs the impact of higher rates. Delaying your entry into real estate only sets you further back from benefiting from the value growth that comes with owning a home in this high-demand, low-supply market.
 

Whether you’re a Home Seller or Buyer, we’re here to answer your specific questions, understand your needs, and create a tailored plan to help you achieve your financial goals. Starting the process early is key because it provides the advantage of preparation and clarity. Reach out to us today—we would love to be your guide.

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.