Is Reno Southwest, NV a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Reno Southwest has remained a Seller's Market.
Key Takeaway
Reno Southwest is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Reno Southwest, NV
How much do homes in Reno Southwest, NV cost?
Median Sold Price
$772,812
$350/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Reno Southwest have sold for 3.1% more than they did a year ago.
Summary: The median home sold price in Reno Southwest was $772,812 in April 2024, up 3.1% from last year, and the median price per square foot was $350.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $225K | -18.2% |
| 2 Bedrooms | $475K | $495K | +4.2% |
| 3 Bedrooms | $681.3K | $700K | +2.7% |
| 4 Bedrooms | $1.0M | $996.6K | -2.0% |
| 5+ Bedrooms | $1.4M | $1.5M | +8.0% |
Summary: Reno Southwest housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.2%, 2 bedroom homes increased by 4.2%, 3 bedroom homes increased by 2.7%, 4 bedroom homes decreased by 2%, and 5+ bedroom homes increased by 8%.
Median Sold Price Compared To Nearby Cities
| Reno Southwest | $749.8K | $772.8K | +3.1% |
| Reno | $536.8K | $547.9K | +2.1% |
| Verdi | $740K | $737.5K | -0.3% |
| Reno North | $485K | $480K | -1.0% |
Housing Supply in Reno Southwest, NV
How many homes are available in Reno Southwest, NV?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 290 | 330 | +13.8% |
Summary: The Reno Southwest real estate market had 330 homes for sale in April 2024, a 13.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 8 | +33.3% |
| 2 Bedrooms | 37 | 44 | +18.9% |
| 3 Bedrooms | 109 | 123 | +12.8% |
| 4 Bedrooms | 90 | 99 | +10.0% |
| 5+ Bedrooms | 48 | 56 | +16.7% |
Summary: The Reno Southwest housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 18.9%, 3 bedroom homes increased by 12.8%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 67 | 67 | 0.0% |
Asking Price vs. Sold Price
35 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Reno Southwest, you may be able to get a good deal. 52.2% of homes here sold below asking price last month.
Summary: A total of 67 homes were sold or pending in Reno Southwest in April 2024, the same as the previous month. Of the 67 sold homes, 52% were sold under asking, 21% were sold at asking, and 27% were sold over asking.
Days on Market for Reno Southwest, NV
How long does it take to sell a home in Reno Southwest, NV?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 93 Days | 69 Days | -26.1% |
Summary: Homes in Reno Southwest had an average of 69 days on market in Apr 2024, down by 26.1% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
45 Homes Were Sold
In 30 - 90 Days
14 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Reno Southwest has remained consistent over time.
Summary: During April 2024, 67 homes were sold in Reno Southwest; 12% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.
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