Reno Real Estate Rises: Averaging $670K in May 2024 Amidst Varied Regional Trends

The real estate market in Reno, Nevada, has shown notable trends in average values and sales prices from June 2023 to May 2024. This article provides a quick analysis of these trends and offers insights into the average values and sale prices in Reno as well as in neighboring cities like Sparks, Sun Valley, and Verdi as of May 2024.

Analysis of Average Values in Reno’s Real Estate

Between June 2023 and May 2024, the average property value in Reno showed an overall upward trend, starting at $678,000 and peaking at $670,000. This growth pattern reflects an increasing average price per square foot, which began at $323 in June 2023, reaching $340 by May 2024. Specifically, from April to May 2024, despite a slight variance in the figures month-over-month, the market seemed to stabilize, maintaining a robust value across the board.

In contrast, when comparing Reno to nearby areas, distinct shifts in nearby markets are noticeable. Sparks, another major city close to Reno, witnessed a decline in its average property value from $620,000 in April 2024 to $570,000 in May 2024. This variance is also reflected in the price per square foot, which decreased slightly from $284 to $292 within the same period, indicating a region-specific trend that contrasts with the more stable prices in Reno.

Sun Valley and Verdi similarly showed fluctuations. Sun Valley’s average value jumped from $369,000 to $315,000 in this period, marking a considerable increase alongside a minor reduction in price per square foot from $224 to $222. Meanwhile, Verdi experienced a slight drop in average property values from $893,000 in April to $875,000 in May 2024, with the price per square foot increasing from $332 to $345.

Insights into Sales Price Trends in Reno

Local house prices have kept relatively stable, as seen in the graph above. The average sale price began at $543,404 in June 2023, peaked at $570,000 in December 2023, and settled at $555,263 by May 2024. Concurrently, the average sale price per square foot saw a similar pattern, climbing from $318 in June 2023 to $333 by May 2024.

Here is how May compares to June of last year

The transactional activity in terms of properties sold in Reno has been robust. In May 2024, about 3,416 properties exchanged hands, suggesting a vibrant market. By comparison, in Sparks, with 1,391 properties sold, and even fewer in Sun Valley and Verdi, with 202 and 29 properties sold respectively, Reno distinguishes itself as a hotbed of real estate activity.

Current Real Estate Values in Reno and Surrounding Areas

As of May 2024, Reno’s real estate environment shows an average property value of $670,000 and an average sales price of $555,263, with an averagely active market of 481 listed properties. These figures underscore a strong demand in the city, likely fueled by its appealing lifestyle and economic opportunities.

In comparative terms, Reno’s average values and sale prices are higher than those of its neighboring cities. Sparks, for instance, reports an average property value of $570,000 and an average sales price of $512,173, highlighting a more accessible market. Sun Valley and Verdi, while smaller in terms of transaction numbers, showcase distinctive market dynamics, with average values at $315,000 and $875,000, respectively.

Read our previous reports:

• Reno’s Real Estate Market Posts Mixed Trends as Property Values Dip but Purchasing Activity Remains High in Early 2024
• Reno Real Estate Market Shows Year-Over-Year Growth Despite Monthly Fluctuations – January 2024 Report