Reno Real Estate Market: What You Need to Know in 2023

Dated: May 23 2023

Views: 310

The Reno/Sparks real estate market is currently in a state of flux. After years of rapid growth, prices have begun to cool off, and inventory is starting to increase. This is good news for buyers, who now have more options and less competition.

As of May 2023, the median home price in Reno is $519,434. This is down 5.6% from the same time last year. The number of homes for sale is also up, with 1,234 homes currently on the market. This is a 10% increase from the same time last year.

The increase in inventory is due to a number of factors, including rising interest rates and the ongoing pandemic. As interest rates rise, it becomes more expensive to borrow money, which can make it difficult for buyers to qualify for a mortgage. The pandemic has also caused some people to delay their homebuying plans, as they are uncertain about the future.

Despite the cooling market, there are still some good deals to be found in Reno. Buyers who are willing to be flexible with their budget and location can still find a home that meets their needs.

If you are thinking about buying a home in Reno, here are a few tips:

  • Get pre-approved for a mortgage before you start looking at homes. This will show sellers that you are serious about buying and that you have the financial means to do so.
  • Be prepared to act quickly. Homes in Reno/Sparks are still selling quickly, so you need to be ready to make an offer as soon as you find a home you like.
  • Don't be afraid to negotiate. The seller may be willing to lower the price or offer closing costs assistance.

The Reno/Sparks real estate market is still a seller's market, but it is becoming more balanced. Buyers now have more options and less competition, which is making it easier to find a good deal. If you are thinking about buying a home in Reno, now is a good time to start your search.

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Jory Team

Jennifer and Michael are the Broker/Owners of Haute properties NV a boutique real estate company specializing in representing buyers and sellers with residential real estate, including lots, land, cus....

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