Sierra Nevada Realtors released their December 2024 report on existing home sales across multiple northern Nevada counties. This includes Carson City, Churchill, Douglas, Lyon, and Washoe Counties, excluding Incline Village.
SNR says this report is showing some mixed trends. While sales of existing single-family homes are decreasing in the majority of counties, the median sales price is continuing to rise.
They explain while it may seem like we're building new homes everywhere, there's just still not enough.
Garrett Lepire, President-elect for SNR, says, "We still have a severe lack in inventory. And I know that sounds crazy, that every corner that you turn driving around town seems like there's a new construction building going up. Whether that's an apartment building or single-family dwelling, we still need more building. We have more demand than we have supply."
Since November of 2024, the sales of existing single-family homes have decreased by 11.5% in Churchill, Douglas, and Lyon County.
The median sale price has increased by 2.6% in Carson, Churchill, and Washoe County.
Overall, the median sales prices are $549,000 across all five regions.
Lepire says it's important for people to keep track of these reports to understand the housing market in their area, "It helps you kind of track what the economy is doing, and it helps people make decisions on should I move now, should I move later, should I not move at all."
Lepire says if you're trying to buy a house the best thing to do is contact a realtor to help you through the process. However, he tells us that although we may see a slight decrease in interest rates, there won't be any drastic changes over the next six months. But he recommends buyers get in the market sooner rather than later.
As far as the market for sellers, Lepire says it's best to take advantage of the cold winter months while you can.
"The people that are out there looking for houses right now, it's cold outside so they're serious. They're really out there looking to buy so we see less looky-loos in the winter market which usually means that you get a better offer and maybe sell a little bit quicker in the wintertime."
To learn more about the housing market in your area you can click here.
