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:
The median sales price held steady at $575,000—unchanged from this time last year and up just under 1% from February.
We saw 387 closed sales, which is a 17.3% increase from last month and a 14.8% increase from March 2024. Homes are clearly in demand.
Median days to contract dropped to just 15 days, down nearly 32% from February. That means homes are selling fast!
Sellers received 99.0% of their list price on average, indicating strong buyer competition and accurate pricing strategies.
The median sold price per square foot came in at $314.
New listings are on the rise, with 528 homes hitting the market—a 25.1% increase from February and a 17.1% increase year-over-year.
Active inventory rose slightly to 788, a 4.4% increase over last month.
However, the months supply of inventory decreased to just 2.0 months, down 11%. This continues to signal a seller’s market.
What This Means for Buyers
If you’re thinking about buying in the Reno/Sparks area, now might be a great time to start your search. With more new listings on the market, you’ll have a wider selection of homes to choose from. However, with homes going under contract in just 15 days on average, it’s important to be prepared and ready to move quickly.
Prices have remained stable, which could give you more buying power—especially if you’re taking advantage of favorable financing. Working with a local expert can help you act fast and negotiate effectively in this fast-paced environment.
What This Means for Sellers
For those thinking about selling, the market is clearly in your favor. Demand is strong, with more homes closing and buyers offering close to asking price. In fact, sellers are receiving 99% of their list price on average, and homes are spending less than three weeks on the market.
Inventory is starting to rise, but it’s still low enough to give sellers the upper hand. If you’ve been on the fence about listing, now is a strategic time to get your home on the market while buyer activity remains high.
No matter where you are in your real estate journey, having a knowledgeable local expert on your side makes all the difference. At HomeGate Realty, we’re proud to help our clients navigate the Reno/Sparks market with clarity and confidence. If buying or selling is on your mind in 2025, let’s connect soon and build a personalized strategy to help you reach your goals.
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Whether you’re buying, selling, or simply exploring your options, we’re here to guide you every step of the way.
