Monday, July 3, 2023   /   by Beau Paulsen

July 2023 Real Estate Market Update

Hello All!

I am excited to bring you the latest real estate market update for the Reno, Sparks, and Carson City areas for the month of July 2023. The market continues to show remarkable strength and resilience, with impressive growth and stability.

Here are the key highlights for July:

Median Sales Price: $572,500, up 4%
Active Inventory: 806, up 2%
Price Per Square Foot: $306, up 4%
Homes Sold: 492, up 7%

Median Sales Price: 
The median sales price has experienced a significant surge, reaching an impressive $572,500. This represents a 4% increase from the previous month and a minor 1% decrease from the same period last year. This robust performance demonstrates the market's ability to maintain upward momentum despite prevailing challenges.

Active Homes on the Market: 
The number of active homes on the market has increased to 806, representing a 2% growth from the previous month. This rise in inventory provides buyers with more options and opportunities to find their dream home.

Price per Square Foot: 
The price per square foot has risen to $306, which marks a significant 4% increase from the previous month. This rise further underscores the market's upward trajectory and growing demand for properties.

Homes Sold: 
The number of homes sold has experienced a notable uptick, reaching 492 in July. This represents a substantial 7% increase from the previous month and reflects the robust activity in the real estate market.

Interest Rates: Despite interest rates staying around or above 7%, the market continues to thrive. This indicates strong buyer demand and confidence in the region's real estate market, as buyers are undeterred by higher borrowing costs.

In Conclusion:
Despite concerns in other regions, the real estate market in Reno, Sparks, and Carson City remains resilient. It has not experienced a crash and shows no signs of imminent decline. On the contrary, the market continues to heat up, attracting buyers and investors alike. Despite interest rates staying around or above 7%, the market continues to thrive. This indicates strong buyer demand and confidence in the region's real estate market, as buyers are undeterred by higher borrowing costs.

If you have any questions or would like further information regarding specific properties or trends in the area, please do not hesitate to contact us. We are here to assist you and provide any additional insights you may require.

Thank you for your continued trust and support.

Stay cool out there, 
Beau Paulsen
RE/MAX Gold