March 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 $515,000 at the end of February 2023. This has remained the same from January to February, and is down 6.4% from this time last year.

New listings in the Reno-Sparks area have increased 13.1% from January to February, but remain 36.7% down from the previous year.

Sold homes reached 304 for the month of February, up 18.3% from January and down 29.0% from February 2022.

The active inventory of homes in February reached 629, down 20.6% from January. This is up 75.2% from February 2022.

The months supply is down 32.9% from January, but up 146.7% from the same period in 2022.