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November 2023 Market Update

Friday, November 3, 2023   /   by Beau Paulsen

November 2023 Market Update

Welcome back to your quick real estate update in the vibrant cities of Reno, Sparks, and Carson City! I'm Beau Paulsen, proudly representing the Reade Group and RE/MAX Gold, and I'm thrilled to dive into the latest market stats.


Positive Trends for Sellers

First and foremost, the median sales price is currently at $580,000. This marks an impressive 8.4% increase from last year and a notable 3% jump from just last month. Sellers, this is great news for you as the market continues to favor your side!


Active Market

Moving on, we have closed sales, which currently stand at 384. While this represents a slight decrease of nearly 7% year over year, it's important to note that the market remains quite active.


Properties Are Moving Faster

The median days to contract have decreased to 32, showcasing an 11% drop from last year and an additional 10 days less compared to the previous month. Properties might be sitting on the market a bit longer, but the trade-off is that they're selling for more!


Steady Price Per Square Foot

The price per square foot in our beautiful region is now at $309, up a steady 1% from last year and holding steady from last month.


A Slower Market

Lastly, our active inventory stands at 937, which is down over 30% from last year and 5% less compared to the previous month. This indicates a slower market, offering a bit more breathing room.


Conclusion

That's the scoop on our current real estate market! If you have any questions or need more details, please don't hesitate to reach out anytime. I'm here to help.


Stay tuned for our next market update, where we'll continue to keep you in the loop on the ever-evolving real estate landscape in Reno, Sparks, and Carson City!

 
The Reade Group | RE/MAX Gold - Midtown
Meka Reade
1401 South Virginia St, Suite 100
Reno, NV 89502
775-813-7271

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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