Reno-Tahoe Real Estate Market Update | May 2024

 

Persistent headwinds are having a dampening effect on real estate activity within the Reno Tahoe region. After having tracked evenly with 2023 productivity for the first several months of the year, the last two months have fallen behind. While the most prolific month to date of 2024, April’s 310 residential transactions lagged behind the same period by 4%.

 

The conditions causing the market to sputter a bit are well-chronicled. Interest rates remain stubbornly high and the relief anticipated by midyear appears farther away. While inventory is creeping upward, as is typical for the season, prices remain resilient market-wide. Median and average prices continue to straddle last year’s figure down 1% and up 1% respectively. Sellers appear more patient than ever waiting an average of 90 days to find buyers that will pay prices equivalent to last year and within 3% of the 2022 market peak.

 

 

 

April typically begins the season in which much of the year’s listing inventory is introduced to the market. There are currently 1388 active listings, equating to just over 5 months of supply. This generally indicates a balanced market where prices should remain stable until some factor accelerates either supply or demand. Should an interest rate cut appear before the end of Q3, typically the busiest buying season in any given year, demand could accelerate meaningfully.