Is Reno, NV a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Reno has remained a Seller's Market.
Key Takeaway
Reno is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Reno, NV
How much do homes in Reno, NV cost?
Median Sold Price
$550,124
$318/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Reno have sold for 3.8% more than they did a year ago.
Summary: The median home sold price in Reno was $550,124 in May 2024, up 3.8% from last year, and the median price per square foot was $318.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $215K | -4.4% |
| 2 Bedrooms | $395.8K | $418.9K | +5.8% |
| 3 Bedrooms | $512.1K | $537.3K | +4.9% |
| 4 Bedrooms | $647.4K | $697.1K | +7.7% |
| 5+ Bedrooms | $910K | $1.0M | +18.7% |
Summary: Reno housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.4%, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes increased by 18.7%.
Median Sold Price Compared To Nearby Cities
| Reno | $529.9K | $550.1K | +3.8% |
| Reno Southwest | $748.6K | $773.3K | +3.3% |
| Verdi | $722.8K | $741.6K | +2.6% |
| Reno North | $475K | $486.5K | +2.4% |
| Sun Valley | $405K | $410K | +1.2% |
Housing Supply in Reno, NV
How many homes are available in Reno, NV?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,209 | 1,391 | +15.1% |
Summary: The Reno real estate market had 1,391 homes for sale in May 2024, a 15.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 58 | 65 | +12.1% |
| 2 Bedrooms | 196 | 240 | +22.4% |
| 3 Bedrooms | 497 | 573 | +15.3% |
| 4 Bedrooms | 344 | 384 | +11.6% |
| 5+ Bedrooms | 114 | 129 | +13.2% |
Summary: The Reno housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.1%, 2 bedroom homes increased by 22.4%, 3 bedroom homes increased by 15.3%, 4 bedroom homes increased by 11.6%, and 5+ bedroom homes increased by 13.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 293 | 328 | +11.9% |
Asking Price vs. Sold Price
147 Homes Were Sold
Under Asking
83 Homes Were Sold
At Asking
98 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Reno, you may be able to get a good deal. 44.8% of homes here sold below asking price last month.
Summary: A total of 328 homes were sold or pending in Reno in May 2024, up by 11.9% month-over-month. Of the 328 sold homes, 45% were sold under asking, 25% were sold at asking, and 30% were sold over asking.
Days on Market for Reno, NV
How long does it take to sell a home in Reno, NV?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 76 Days | 70 Days | -7.9% |
Summary: Homes in Reno had an average of 70 days on market in May 2024, down by 7.9% compared to last year.
Breakdown of Home Sale Times
46 Homes Were Sold
Under 30 Days
220 Homes Were Sold
In 30 - 90 Days
62 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Reno has remained consistent over time.
Summary: During May 2024, 328 homes were sold in Reno; 14% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
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