Your December 2024 Reno-Sparks Real Estate Market Update
As we step into a new year, it’s the perfect time to reflect on the trends shaping our local real estate market. December 2024 brought a mix of surprises and continued trends across Reno, Sparks, Fernley, Carson City, and Carson Valley. Whether you’re buying, selling, or just keeping an eye on the market, we’ve got you covered with insights into the data and what it means for you.
A Snapshot of the Local Market
December tends to be a quieter month in real estate as the holiday season takes over, but that doesn’t mean it’s without action. In many areas, home prices remained steady or even climbed, while active inventory decreased. Let’s take a closer look at how each city performed and what buyers and sellers should keep in mind.
Reno: Prices Hold Steady, But Sales Slow Down
In Reno, the median sales price in December 2024 was $641,000. That’s up 1.7% from November 2024 and a solid 6.8% increase from December 2023. Prices holding steady or rising is a clear sign that demand remains high, even as the year came to a close.
However, we’re seeing some softening in the pace of the market. Homes spent an average of 47 days on the market in December—up 67.9% from last month and 17.5% from last year. This means buyers are taking more time to make decisions, a common trend in cooler months.
Meanwhile, active inventory dropped significantly, down 22.4% from November and 13.4% from last year, leaving fewer options for buyers to choose from. Reno also saw a sharp drop in closed sales, down 38.7% month-over-month and 34.1% year-over-year.
What it means for you:
- Buyers: With homes staying on the market longer, this could be your chance to negotiate. Keep an eye out for motivated sellers.
- Sellers: Pricing competitively is critical. If you’re planning to list, now is the time to work with an agent who understands the market nuances.
Sparks: Prices Up, But Inventory Remains Tight
Sparks continues to shine as a sought-after area, with the median sales price climbing to $549,000, up 3.6% from November and 4.5% year-over-year.
Like Reno, homes in Sparks are staying on the market longer, with a median of 51 days to contract—an increase of 52.2% month-over-month and 39.7% year-over-year. While this slowdown gives buyers more breathing room, sellers need to be patient and strategic.
Inventory remains a challenge, with active listings down 11.3% from last month and 23.3% from last year. Sparks saw 28.9% fewer closed sales compared to November and a 15.2% drop from last December.
What it means for you:
- Buyers: With fewer homes available, act decisively when you find a property that fits your needs.
- Sellers: Despite the extended market times, prices are climbing. If you position your home well, you’ll still attract interest.
Fernley: A Hidden Gem for Affordability
Fernley remains one of the most affordable markets in the region, with a median sales price of $382,495—a modest 0.7% increase from last month and 6.0% from last year.
Homes in Fernley took a median of 71 days to go under contract, which is 26.8% longer than in November but 18.8% faster than last December. This indicates that while buyers are taking their time, the market is more efficient than it was a year ago.
Active inventory dropped 26.3% month-over-month and 18.9% year-over-year, mirroring regional trends. However, Fernley saw a 13.0% increase in closed sales compared to last month and a 15.2% jump from last year, showing strong demand.
What it means for you:
- Buyers: Fernley offers great value, but with limited inventory, you’ll need to act quickly when the right home comes along.
- Sellers: Rising sales and steady prices make now a great time to list your home in Fernley.
Carson City: Big Gains Despite Tight Inventory
Carson City continues to be a competitive market. The median sales price rose to $567,445, up 4.7% from November and an impressive 11.8% from last year.
Homes in Carson City spent an average of 36 days on the market, a slight improvement from last month (down 5.3%) and a significant 20.5% faster than December 2023. This signals high buyer interest and efficient sales.
Active inventory fell dramatically, down 28.1% month-over-month and 36.8% year-over-year, leaving buyers with fewer options. Closed sales also dropped sharply, down 41.5% from November, but remained 66.7% higher than last December, showcasing robust year-end activity.
What it means for you:
- Buyers: Be prepared to move quickly and potentially compete with others for well-priced homes.
- Sellers: Strong price growth and fast sales make Carson City a prime spot for listing your home.
Carson Valley: Slower Sales, but Opportunities for Buyers
Carson Valley’s median sales price dipped slightly to $615,000, down 1.6% from November and 7.2% from last year.
Homes are spending more time on the market, with a median of 71 days to contract—up 31.5% from last month and 57.8% from last year. This longer market time may give buyers more leverage in negotiations.
Active inventory declined 10.5% month-over-month and 5.5% year-over-year, while closed sales dropped 31.7% from November and 10.0% from last December, reflecting seasonal trends.
What it means for you:
- Buyers: Carson Valley offers more time to weigh your options, with motivated sellers likely to negotiate.
- Sellers: Although prices dipped slightly, inventory remains tight. Working with an experienced agent can help you maximize your sale.
What These Trends Mean for the Reno-Sparks Region
While the market cooled slightly in December, as is typical for the season, key indicators suggest it remains strong heading into 2025. Here are the top takeaways:
- Prices Are Resilient: Most areas saw year-over-year price growth, indicating steady demand.
- Inventory Is Tight: With fewer homes available, sellers are in a good position to attract serious buyers.
- Market Times Are Increasing: Buyers have more time to evaluate their options, but sellers should be prepared to wait longer for offers.
Whether you’re buying, selling, or just staying informed, understanding these trends is the key to making the right decisions in today’s real estate market.
Let’s Talk About Your Real Estate Goals
Our team is here to help you navigate the market and achieve your real estate dreams. Whether you’re looking to buy your first home, sell your current property, or explore investment opportunities, we have the expertise to guide you every step of the way.
Contact us today to get started. Let’s make 2025 your year of real estate success!
Robin, Kevin, and Sophie
Kinney and Renwick Team
License #’s: S067935 | BS0141620 | S197254
📧 [email protected]
📞 (775) 391-8402
🌐 kinneyandrenwickteam.com
