$4,619 Closing Credit*
$389,000
1,554 SqFt
2 Beds
•2 Full Baths, 1 Partial
Brittany Smith, Listing Office: RE/MAX Professionals-Reno
Is Reno, NV a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$570,655
$323/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$41,428(+7.8%)
Key Takeaway
Homes in Reno have sold for 7.8% more than they did a year ago.
Summary: The median home sold price in Reno was $570,655 in October 2024, up 7.8% from last year, and the median price per square foot was $323.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $209.7K | $215K | +2.5% |
| 2 Bedrooms | $395K | $412.9K | +4.6% |
| 3 Bedrooms | $513.8K | $541.2K | +5.3% |
| 4 Bedrooms | $661.3K | $700K | +5.8% |
| 5+ Bedrooms | $925K | $1.1M | +20.0% |
Summary: Reno housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.5%, 2 bedroom homes increased by 4.6%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 5.8%, and 5+ bedroom homes increased by 20%.
Median Sold Price Compared To Nearby Cities
| Reno Southwest | $748.1K | $820K | +9.6% |
| Reno | $529.2K | $570.6K | +7.8% |
| Verdi | $731.9K | $780K | +6.6% |
| Sun Valley | $400K | $415K | +3.8% |
| Reno North | $475K | $482.8K | +1.7% |
Housing Supply in Reno, NV
How many homes are available in Reno, NV?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,512 | 1,540 | +1.9% |
Summary: The Reno real estate market had 1,540 homes for sale in October 2024, a 1.9% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 74 | 79 | +6.8% |
| 2 Bedrooms | 279 | 295 | +5.7% |
| 3 Bedrooms | 566 | 552 | -2.5% |
| 4 Bedrooms | 452 | 470 | +4.0% |
| 5+ Bedrooms | 141 | 144 | +2.1% |
Summary: The Reno housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.8%, 2 bedroom homes increased by 5.7%, 3 bedroom homes decreased by 2.5%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 2.1%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 334 | 304 | -9.0% |
Asking Price vs. Sold Price
165 Homes Were Sold
Under Asking
88 Homes Were Sold
At Asking
51 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Reno, you may be able to get a good deal. 54.3% of homes here sold below asking price last month.
Summary: A total of 304 homes were sold or pending in Reno in October 2024, down by 9.0% month-over-month. Of the 304 sold homes, 54% were sold under asking, 29% were sold at asking, and 17% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 78 Days | 78 Days | +0.9% |
Summary: Homes in Reno had an average of 78 days on market in Oct 2024, up by 0.9% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
181 Homes Were Sold
In 30 - 90 Days
93 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Reno has remained consistent over time.
Summary: During October 2024, 304 homes were sold in Reno; 10% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 31% of homes were sold over 90 days.
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