Is Reno, 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 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
$543,076
$314/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Reno have sold for 0.5% more than they did a year ago.
Summary: The median home sold price in Reno was $543,076 in March 2024, up 0.5% from last year, and the median price per square foot was $314.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $215K | -4.4% |
| 2 Bedrooms | $401.7K | $413.7K | +3.0% |
| 3 Bedrooms | $525.7K | $526.5K | 0.2% |
| 4 Bedrooms | $675K | $690K | +2.2% |
| 5+ Bedrooms | $909K | $1.0M | +10.0% |
Summary: Reno housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.4%, 2 bedroom homes increased by 3%, 3 bedroom homes increased by 0.2%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes increased by 10%.
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% |
| Sun Valley | $410K | $405K | -1.2% |
| Reno North | $495K | $475K | -4.0% |
Housing Supply in Reno, NV
How many homes are available in Reno, NV?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 999 | 1,065 | +6.6% |
Summary: The Reno real estate market had 1,065 homes for sale in March 2024, a 6.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 42 | 56 | +33.3% |
| 2 Bedrooms | 185 | 187 | +1.1% |
| 3 Bedrooms | 396 | 428 | +8.1% |
| 4 Bedrooms | 288 | 296 | +2.8% |
| 5+ Bedrooms | 88 | 98 | +11.4% |
Summary: The Reno housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 1.1%, 3 bedroom homes increased by 8.1%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 11.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 259 | 222 | -14.3% |
Asking Price vs. Sold Price
128 Homes Were Sold
Under Asking
51 Homes Were Sold
At Asking
43 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Reno, you may be able to get a good deal. 57.7% of homes here sold below asking price last month.
Summary: A total of 222 homes were sold or pending in Reno in March 2024, down by 14.3% month-over-month. Of the 222 sold homes, 58% were sold under asking, 23% were sold at asking, and 19% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 102 Days | 95 Days | -7.2% |
Summary: Homes in Reno had an average of 95 days on market in Mar 2024, down by 7.2% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
117 Homes Were Sold
In 30 - 90 Days
77 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Reno has remained consistent over time.
Summary: During March 2024, 222 homes were sold in Reno; 13% of homes were sold within 30 days, 53% of homes were sold within 30 to 90 days, and 35% of homes were sold over 90 days.
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Disclaimer: The data relating to real estate for sale on this web site comes in part from the INTERNET DATA EXCHANGE Program of the Greater Las Vegas Association of REALTORS® MLS. Real estate listings held by brokerage firms other than this site owner are marked with the IDX logo. GLVAR MLS deems information reliable but not guaranteed.