July Market Update

Our local temperatures AND home prices are rising here in Reno-Sparks. Throughout the month of July we saw an increase in local inventory which has led to the incredible increase (116.2%!) in days to contract and other minor changes.

Our average home price has rose from $502,000 last month to $530,000 (+5.7%) - as I’ve said before, and I will say again - Reno is unique in the way that we have pivoted from gambling and casinos, to tourism, art and tech. This transition, paired with great state tax laws for businesses, has attracted some heavy hitter companies that has stimulated our real estate market, local businesses and so much more - causing a great demand on our inventory over time.

We had 634 new listings hit the market this month (+5.3%) while active inventory is down (-8.5%), meaning that when the property hits the market, it’s getting snatched up - not sitting active on the market. But, our units sold are also up (17.2%), meaning more buyers are finding their perfect home and sellers are cashing in on their equity.

The new inventory has caused our days on market to jump back up (+116.2%) to a more “normal” level - although, it’s still sitting at less than a month. With just 28 days before the property goes under contract, you need to be able to move fast as both a buyer and seller. This average is including the longer time frame for higher-end listings, as well as the lighting fast timelines for that of anything priced under $500k.

Our market is still under supplied for the demand we are seeing - and while local builders are working as fast as they can, they can’t make up for the fact that we have historically under-developed for the demand - meaning we’ll continue to see prices to rise so long as these factors are at play.

Whether you're looking to buy or sell, conditions are looking good - nationally we're seeing competition start to level out a bit, while still providing great equity to sellers. 

Incline Village has had interesting market conditions throughout the pandemic and thereafter. With the median sold price being $2,025,000 that puts them in the high-end market, meaning the way it operates is going to be different than that of say Reno-Sparks, or Fernley.  

One of the most drastic differences between our market and Incline's is supply - notice that 11.5% increase in new listings... to 29? That's MUCH different than our 634 new listings and therefore will affect the market accordingly. Both pricing wise, days on market wise, etc.

The decrease in days on market of nearly 40% shows the demand on their tight inventory. Most markets in that price point typically sit somewhere around 60-90 days on market, so this is an indication that we are seeing the conditions of a hot market carry over into Incline Village.

On a personal note, I am currently shopping for an airbnb at the lake, and I’ll tell you that there is opportunity there in all price points of their market - you just have to be willing to move quick to make it happen.

Whether you’re looking for your dream home at the lake, a rental property in Reno, or anything in between, I am more than happy to help.