February 2024 Reno Real Estate Market Review

Things were heating up as we started to see some Spring weather last month and the stats show it clearly!

Median Sales Price jumped up almost 3 percent from January and almost 7 percent year over year. This combined with the massive drop in Months Supply of Inventory makes for some great news for sellers. 

343 new single family homes were listed in February, which is amazing when looking at where we were last month/year; however, I’d really like to see that number in the 400-500 range this month because we ended the month with only 486 active listings. 

Median Days to Contract dropped substantially to 20 days and we saw a HUGE jump in Price/Sq Ft to $318!

All of this points to another really tough year for buyers unfortunately. Even with rates coming back up into the mid 7’s we are seeing buyers stretch their budget to offer on the few homes that are on the market. Sellers will be in the drivers seat for the foreseeable future.

More evidence of this: The Lewis Group listed 2 homes over the last 2 weeks. We put 1901 Marsh into contract in a week after holding 2 open houses and getting 80+ people through the home. 80 people through a home in 2 days is absolutely astonishing! Even more crazy, we put 1670 Shadow Park on the market and within 2 days had 11 offers on the home and the sellers accepted a contract well over asking price. 

As always, it’s going to be a pretty interesting couple of months as we head into the spring season. We will keep you all posted on what transpires. If you’d like to know more about what we recommend for your specific situation, please reach out to any of us.