The Reno-Sparks Real Estate Market Has Dropped 10% in the Last Year, But Has Gained 9% This Year

Update: Since the production of this video several weeks ago, Reno/Sparks continues to experience a seasonal increase in inventory typical of this time of year. Single family home active inventory has increased from 628 homes on May 31 to 706 homes this morning (June 20). This shift is dramatically different from the shift from May 31, 2022 to June 20, 2022 when inventory rose from 741 single family homes to 1051 homes! In 20 days! Our market will see bumpy patches in days to come, but the difference between conditions one year ago and conditions now is pretty dramatic. This is a much better market for sellers than it was a year ago.

Video Text: The Reno-Sparks real estate market has dropped nearly 10% year-over-year. This year-over-year decrease makes sense when you consider the record mortgage rate increases and negative economic sentiment that led to a substantial housing market slowdown during the second half of 2022. Which was the Fed's goal as they tried to slam the brakes on inflation.

This year, however, real estate values in Reno have consistently trended up. From the bottom of the market in January, 2023, median sales prices have increased every month. Even with elevated mortgage rates, values have increased nearly 9% this year. We've seen a lot of homes receive multiple offers. And there remains a significant shortage of housing supply. There are 20% less homes for sale now than we did a year ago. In fact, there was lower inventory this May than there has been for May in 9 out of the last 10 years. There are just not many homes for sale. And without excessive supply, it is hard for a market to “crash”.

What does the second half of this year have in store? Send me a message for more info!

Thank you @coleman_nv, @in1viewmedia, and @sandiparkhurst for help with the video!

To learn more about what Ken and Alicia can do for you, visit these websites for more information:

Ken and Alicia Website: www.kenandalicialund.com Listings Website: www.renolund.com

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Kenneth R. Lund | Ferrari-Lund Real Estate Nevada Broker-Salesperson | License No. BS.0144762 Cell: 775.870.6332 | Office: 775.850.7033 | Fax: 775.850.7031 500 Damonte Ranch Parkway, Suite 804, Reno, Nevada 89521 kenlund@ferrari-lund.com | www.kenandalicialund.com | www.renolund.com

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