December 2022 Reno-Sparks Real Estate Market Update

The video below outlines stats and trends for the Reno-Sparks real estate market for November 2022.

The number of houses on the market for sale (inventory) is decreasing, and interest rates are at a high. Where do we stand now? Are we in a Seller’s market or a Buyer’s market?

Mortgage Interest Rates remain at some of the highest levels in over a decade.

Inventory has decreased by 10.7% from October to November, and are up 244.4% from the previous year.

Reno-Sparks median home price was $551,004 at the end of November.

The affordability threshold has decreased significantly compared to the last few years.

Active Inventory is down 19.0% from November to December.

New real estate listings in Reno-Sparks for November were at 285 which is down 32.8% from December.

Sold homes reached 342 for the month of November, down 9.3% from October and down 37.1% from November 2021.