Reno-Tahoe Market Update | Sept 2023

The Reno real estate market continued steadily in August, wrapping a summer in which each of the last three months reported a nearly identical quantity of transactions. Every month since March has finished within a 20% standard deviation for closed transactions. 350 monthly transactions slightly underperform historical averages which stands to reason given the environment of limited inventory and high interest rates that have defined 2023.

The average price has remained equally steady over this period at $662,503 representing a 1% premium over 2022. When including data from the subpar first months of the year, the average price is 4% below last year.

Inventory has climbed incrementally ahead of Labor Day. 1239 listings are just below 4 months of supply; enough to keep prices steady while giving consumers options to choose from. This supply is nearly 25% fewer than at the same time last year. All factors combined signal a resilient market that remains generally healthy despite major headwinds.

Fall often brings a slight taper from peak summer activity. With ample inventory and excellent weather, the steady performance of the last several months is likely to be the status quo for the foreseeable future.