Reno NV Housing Market Update – Nov 2023 – Max Sabo

Hi, I’m Max Sabo, your Reno, Nevada real estate agent. This is the Real Estate Housing Market Update for November, 2023, covering the sales from October, 2023.

This past month, interest rates have remained near their multi-year high. As I’ve mentioned before, this has caused homeowners with low interest rates to stay in their homes, leading to reduction in the number of homes listed for sale. And it’s caused a reduction in the number of buyers because with higher interest rates come higher mortgage payments. Considering all of this, this past month, we saw the median sales price rise slightly to $530,000. We saw the number of active listings drop slightly to 981 active listings. And we saw the number of homes selling drop by 9% to 419 homes selling last month. Since there was a reduction in the number of listings as well as a reduction in the number of homes selling, the month’s worth of inventory has remained quite low at 2.3 months’ worth of inventory. And I would anticipate home prices remaining close to this until we see that month’s worth of inventory number go up. As we’ve talked about before, generally a neutral market is six months’ worth of inventory. And that’s where neither buyers nor sellers would have an advantage. So at 2.3 months of inventory, we are still seeing a seller’s market.

I’m Max Sabo, your Reno Nevada real estate agent. Please give my video a thumbs up if you liked it. And I’ll see you next month.

William Maxwell Sabo
Lic # BS.143873
Haute Properties NV