Reno-Tahoe Real Estate Market Update | November 2023

 

Seasonality plays a modest role in the rhythm of real estate activity in the Reno Tahoe region. Only in the depths of winter, during the most extreme years, does activity fade by more than a half. By comparison, the neighboring resort markets in Lake Tahoe will experience a late-year surge in which the second half of any given year produces more than double the transaction volume of the first six months.

 

 

For Reno, 2023 has been defined by this level of stability, despite a historically robust winter in the neighboring mountains. The range of transaction quantity has fallen no fewer than 200 and grown no greater than 400. October, the beginning of Q4, and the annual beginning of a very gradual taper split the mean with exactly 300 residential transactions.

 

The volume lags the same period in 2022 by 11% while year-over-year sales volume is down by over 40% as the market finds its legs in a higher interest rate environment.

 

 

Listing inventory is similarly beginning to taper, dipping below 1,100 available homes for the first time since Q1. Active listings are hovering just below 5 months’ supply proportionate to the rate of absorption experienced throughout most of 2023.

 

 

With snow newly dusting the peaks above the city, Reno is beginning the transition from a beautiful summer to an active winter. Short memories of the abundance thrust upon us last year have residents hopeful of a Goldilocks winter that offers enough, but not too much snowfall.