Reno’s Resilient Housing Market

• Reno’s housing market is still competitive, with demand outpacing supply.
• Price appreciation is steady but not out of control, which helps maintain long-term affordability.
• Buyers need to stay sharp - while inventory is improving, good homes still move quickly.

Rolling the Real Estate Dice: Reno Defies National Trends

The national housing market in December 2024 was a mixed bag - rising sales, high prices, and a persistent shortage of homes.

But Reno? Well, Reno plays by its own rules. While the rest of the country saw a modest 9.3% increase in existing-home sales, Reno’s market kicked it up a notch with a 21.0% jump year-over-year. That’s not just resilience - that’s a full house.

Month-over-month, sales edged up 1.8% in Reno, slightly below the national 2.2% increase. But let’s be honest: any uptick in December, a month better known for snowstorms than house hunting, is a good sign. The demand is there, and some buyers aren’t waiting for the spring thaw to make their move.

Stacking the Deck: Prices Holding Strong

Reno’s median home price in December was a 2.5% increase from the previous year. Now, compared to the national jump of 6.0%, that might not seem like much. But slow and steady wins the race, and a more moderate increase keeps Reno from the kind of price spikes that make affordability a distant dream.

While Reno remains pricier than the national average, it’s still a deal compared to other Western markets. Californians looking for a lower cost of living? This might be your sign.

A Seller’s Market, But Barely

If you’re looking for a home in Reno, you’re still competing with a crowd. The months of supply indicator (MSI) sat at 1.51 in December - well below the national average of 3.3 months. A balanced market typically needs around six months of inventory, so with less than two months’ worth of homes available, sellers still have the upper hand.

That said, inventory levels have climbed 35.4% year-over-year, meaning more homes are hitting the market. It’s not quite enough to tip the scales, but it does suggest that while sellers still call the shots, buyers have a few more choices than they did a year ago. And in a market like this, every little bit counts.

The Waiting Game: Homes Selling Slightly Faster

Days on market (DOM) is one of those stats that tells you how quickly buyers are snapping up homes. In December 2024, Reno’s DOM sat at 95 days - just a tick faster than December 2023’s 96 days. Not exactly a landslide shift, but in a market where mortgage rates remain high, any sign of stability is worth noting.

For buyers, this means you still have a little breathing room to make decisions - but not too much. Homes are moving at a steady pace, and those waiting for a major slowdown may be out of luck.

Reno’s Real Estate Outlook: Place Your Bets

So what does all this mean for 2025? Well, if Reno’s past performance is any indicator, the market isn’t cooling off anytime soon. Sales are up, inventory is climbing but still tight, and prices continue to rise - at a manageable pace.

Now, before you start dusting off your crystal ball, let me be clear: this trend report isn’t here to tell you what’s around the corner. But I do have one prediction for 2025 - and feel free to embroider it on a throw pillow if you’d like:

Things. Will. Change.

That’s it. That’s the forecast. Because if there’s one thing the real estate market and life in general like to do, it’s keep us on our toes. Prepare for the unexpected.