Reno NV – Real Estate Market Update – October 2023 – Max Sabo

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

This past month, we saw the market generally remain stable, with the exception of the number of sold properties. Last month, only 461 homes sold, the month before 523 homes sold. As I mentioned before, this is probably due to the fast rise in mortgage interest rates. Currently, the Fed shows the average new 30-year mortgage at about 7.5%. But please keep in mind, this number includes loans where the buyer has bought down the interest rate, so the interest rate a mortgage broker would quote you today is likely much higher than the 7.5% reported by the Fed. Anyways, since most homeowners have interest rates lower than that 7.5%, they are disincentivized to buy or sell real estate, and that’s been leading to the slower market that we’re in right now. Some of our other stats this month, the median sales price was $525,000, which is about the same as the month before. Currently, we have 994 active listings, which again, is about the same as the month before. And we currently have 2.2 months worth of inventory, which is up just slightly from last month when we have 1.9 months of inventory.

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. Data is generated from the NNRMLS and is considered accurate but not guaranteed. Listings and sales outside of NNRMLS exist and were not used in these statistics.

William Maxwell Sabo
Haute Properties NV
Lic# Bs.143873