Is Reno Southwest, NV a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Reno Southwest has remained a Seller's Market.
Key Takeaway
Reno Southwest is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Reno Southwest, NV
How much do homes in Reno Southwest, NV cost?
Median Sold Price
$769,625
$350/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Reno Southwest have sold for 3.6% more than they did a year ago.
Summary: The median home sold price in Reno Southwest was $769,625 in March 2024, up 3.6% from last year, and the median price per square foot was $350.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $225K | -18.2% |
| 2 Bedrooms | $475K | $495K | +4.2% |
| 3 Bedrooms | $679.9K | $700K | +2.9% |
| 4 Bedrooms | $1.0M | $980K | -6.0% |
| 5+ Bedrooms | $1.4M | $1.5M | +9.8% |
Summary: Reno Southwest housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.2%, 2 bedroom homes increased by 4.2%, 3 bedroom homes increased by 2.9%, 4 bedroom homes decreased by 6%, and 5+ bedroom homes increased by 9.8%.
Median Sold Price Compared To Nearby Cities
| Reno Southwest | $742.7K | $769.6K | +3.6% |
| Reno | $540.2K | $543K | 0.5% |
| Verdi | $743.9K | $740K | -0.5% |
| Reno North | $495K | $475K | -4.0% |
Housing Supply in Reno Southwest, NV
How many homes are available in Reno Southwest, NV?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 276 | 297 | +7.6% |
Summary: The Reno Southwest real estate market had 297 homes for sale in March 2024, a 7.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 6 | +50.0% |
| 2 Bedrooms | 41 | 38 | -7.3% |
| 3 Bedrooms | 92 | 111 | +20.7% |
| 4 Bedrooms | 95 | 95 | 0.0% |
| 5+ Bedrooms | 44 | 47 | +6.8% |
Summary: The Reno Southwest housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 7.3%, 3 bedroom homes increased by 20.7%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 6.8%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 60 | 65 | +8.3% |
Asking Price vs. Sold Price
39 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Reno Southwest, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 65 homes were sold or pending in Reno Southwest in March 2024, up by 8.3% month-over-month. Of the 65 sold homes, 60% were sold under asking, 22% were sold at asking, and 18% were sold over asking.
Days on Market for Reno Southwest, NV
How long does it take to sell a home in Reno Southwest, NV?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 115 Days | 98 Days | -15.0% |
Summary: Homes in Reno Southwest had an average of 98 days on market in Mar 2024, down by 15% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
31 Homes Were Sold
In 30 - 90 Days
27 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Reno Southwest has remained consistent over time.
Summary: During March 2024, 65 homes were sold in Reno Southwest; 11% of homes were sold within 30 days, 48% of homes were sold within 30 to 90 days, and 42% of homes were sold over 90 days.
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