Carson City, Churchill, Douglas, Lyon, Storey, and Washoe Counties are all experiencing a slight drop in the average median sales prices for single-family homes, which is expected this time of year.
Garrett Lepire, President-Elect for Sierra Nevada Realtors, says, "It's not a huge drastic decrease, but typically August is one of our busier months, but it's also the month that kids go back to school, so that first part of August tends to be busy, and then after that people get back into their routines in life."
Lepire says throughout this month, they've been watching interest rates drop, too, attracting more buyers for easier monthly payments.
"They were about 6.7%, today they're sitting about 6.2%, that half percent does make homes more affordable," he said.
However, the number of homes being put on the market in Washoe County is seeing a decrease.
Lepire says it is normal to see fewer homes being sold during the wintertime, but it's also because of homeowners who currently have low interest rates.
"What we've been dealing with for the last few years is people have a 3%, 2.5%, 2.25% interest rate, and they're just not willing to get rid of it, and for good reason. That makes sense," he said.
Lepire says that until the interest rates start rising and motivate people to move, they're going to continue to see a crunch in inventory.
And if you're looking into condos and townhomes, you may want to keep a close eye on the price, as the average total sales prices have increased by over 12% across all six counties.
"What we're seeing with condos and townhomes is they're a little more affordable price point, so you're seeing more demand for those because it's more affordable and you're seeing a bigger buyer pool to get into those types of properties," said Lepire.
While in most cases it's cheaper to rent, Lepire says right now renting and buying are more balanced because of the decrease in interest rates. However, it's easier to find a rental property.
He says, "Rent has come down a little bit because you're seeing more inventories hit the market in the rental market."
For anyone looking into buying a home, Lepire recommends talking to a realtor. He says they can help with finding the right loans, figuring out your budget, the type of home you need, and learn more about the current housing market.
"Trying to find out the information doesn't cost you anything, and it's a really good idea to do," he said.
Sierra Nevada Realtors expects interest rates to continue to trend down, which can help with home affordability.
