Dear Valued Clients,
Welcome to the Kinney & Renwick Team’s January 2025 Market Recap for Reno, Sparks, Fernley, Carson City, and Carson Valley. Whether you’re looking to buy, sell, or just stay informed, these insights will help you better understand current trends and how they compare to last month (December 2024) and last year (January 2024).
Let’s take a closer look at the numbers:
Reno Market Update
Median Sales Price: $587,500 (↓ 8.8% last month, ↑ 6.8% last year)
Active Inventory: 450 (↓ 11.1% last month, ↑ 19.7% last year)
Closed Sales: 194 (↓ 20.2% last month, ↑ 26.0% last year)
Median Days to Contract: 41 (↓ 15.5% last month, ↑ 17.2% last year)
Key Takeaways: Reno saw a dip in sales price and inventory from last month, but year-over-year trends show a stronger market with increased buyer activity compared to this time last year.
Sparks Market Update
Median Sales Price: $541,000 (↓ 1.5% last month, ↑ 4.2% last year)
Active Inventory: 223 (↓ 15.8% last month, ↑ 26.5% last year)
Closed Sales: 84 (↓ 43.2% last month, ↓ 13.4% last year)
Median Days to Contract: 33 (↓ 35.3% last month, ↑ 27.4% last year)
Key Takeaways: While Sparks saw a drop in closed sales, median home prices remain steady, and inventory is still growing compared to last year.
Fernley Market Update
Median Sales Price: $371,750 (↓ 3.4% last month, ↓ 1.8% last year)
Active Inventory: 71 (↓ 1.4% last month, ↓ 7.7% last year)
Closed Sales: 26 (↓ 27.8% last month, ↓ 23.5% last year)
Median Days to Contract: 55 (↓ 3.5% last month, ↑ 23.9% last year)
Key Takeaways: Fernley’s market is experiencing a slight decline in sales and prices, making it an attractive opportunity for buyers looking for affordability in Northern Nevada.
Carson City Market Update
Median Sales Price: $569,595 (↑ 0.4% last month, ↑ 11.7% last year)
Active Inventory: 100 (↓ 2.9% last month, ↓ 23.7% last year)
Closed Sales: 41 (↓ 37.9% last month, ↑ 13.9% last year)
Median Days to Contract: 34 (No change last month, ↓ 12.0% last year)
Key Takeaways: Carson City continues to show strong year-over-year price growth, with homes selling faster than they did last year.
Carson Valley Market Update
Median Sales Price: $635,500 (↑ 3.3% last month, ↓ 14.7% last year)
Active Inventory: 138 (↓ 6.8% last month, ↑ 15.4% last year)
Closed Sales: 21 (↓ 8.7% last month, ↓ 43.2% last year)
Median Days to Contract: 60 (↑ 0.8% last month, ↑ 9.1% last year)
Key Takeaways: While Carson Valley saw a month-over-month price increase, closed sales are down, indicating longer market times and more negotiation opportunities for buyers.
What This Means for Buyers & Sellers
- Buyers: With inventory remaining relatively strong in some areas, this could be a great time to buy before the busy spring market. Mortgage rates and negotiations remain key factors.
- Sellers: Pricing correctly remains critical for attracting buyers in a market where days on the market are fluctuating. If you’re thinking about selling, now is the time to prepare before peak season.
If you have any questions about buying or selling in 2025, or need personalized market insights, we’re here to help!
Thinking About Making a Move? Let’s Talk!
Robin, Kevin, and Sophie
Kinney and Renwick Team
License #’s: S067935 | BS0141620 | S197254
📧 [email protected]
📞 (775) 391-8402
🌐 kinneyandrenwickteam.com