April 2023 Reno-Sparks Real Estate Market Update
The video below outlines stats and trends for the Reno-Sparks real estate market for March 2023
The Reno real estate market has been through a lot lately. Mortgage interest rates are higher, but how will that change prices? Where do we stand now? Are we in a Seller’s market or a Buyer’s market? Learn all about the latest stats and trends for the Reno-Sparks area.
Mortgage rates remain high.
The median sale price was $517,088 at the end of March 2023. This is up slightly from February, and is down 8.8% from this time last year.
New listings in the Reno-Sparks area have increased 25.6% from February to March, but remain 37.3% down from the previous year.
Sold homes reached 414 for the month of March, up 36.2% from February and down 25.4% from March 2022.
The active inventory of homes in March reached 604, down 11.3% from February. This is up 29.3% from March 2022.
The months supply is down 34.9% from February, but up 73.4% from the same period in 2022.