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January Market Update 2024

Friday, January 5, 2024   /   by Beau Paulsen

January Market Update 2024

January Real Estate Market Update:

Greetings, everyone! Welcome to our monthly insight into our local real estate landscape. I'm Beau, representing the Reade Group at Remax, here to deliver the freshest scoop on our housing market dynamics.

Let's delve into the data. The median sales price in our vicinity has surged to $550,000, indicating a robust uptick of 6.5% compared to the same period last year. This demonstrates the enduring vigor and resilience of our housing market.

However, it's important to take note of a 14% decline in the number of homes sold year over year, with a total of 309 properties changing hands. While demand remains palpable, this dip could be attributed to various factors affecting the supply side of the market.

The average days to contract have dwindled by 9.4%, settling at a mere 48 days. Buyers are swiftly making moves in this competitive arena, underscoring the need for sellers to be well-prepared.

Turning our attention to the price per square foot, it currently stands at $303, reflecting a 6% surge compared to the previous year. This escalation underscores the continued appreciation of property values within our community.

Lastly, the influx of new homes onto the market has tapered off by 19%, with a total of 230 fresh listings. This decline in inventory is primarily attributable to the seasonal ebb in sales.

In summation, our local real estate landscape showcases commendable growth in median sales prices and price per square foot. Nevertheless, the dwindling number of homes sold and new listings signals a tightening market. It remains imperative to stay abreast of developments and collaborate with adept real estate professionals to navigate these fluid conditions. Should you have any inquiries or require assistance, don't hesitate to reach out. Thank you for tuning in, and until next time, may your house hunting endeavors be fruitful!

The Reade Group | RE/MAX Gold - Midtown
Meka Reade
1401 South Virginia St, Suite 100
Reno, NV 89502

The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of the Northern Nevada Regional MLS and is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by Brokerage firms other than Meka Reade - Re/Max Gold are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo and detailed information about them includes the name of the listing brokerage. Data is deemed reliable but not guaranteed. Copyright 2024 of Northern Nevada Regional MLS. All rights reserved.
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