Northern Nevada home prices were up 8% in April compared to last year, but that hasn’t deterred home sales, according to Sierra Nevada REALTORS's April market report.
The median sales price for a single-family house across the region was $535,000, compared to $493,700 in April 2023.
The president of SNR says he doesn’t see the market slowing down at all this summer.
“Buyers are holding back. We hear a lot of, ‘I’ll wait for the market to crash.’ I don’t anticipate that being the case here in Northern Nevada. Unfortunately, our inventory is just still too low, and demand is so high,” Robert Bartshe said on Tuesday.
At the same time, those willing to buy are competing for limited inventory, especially in Reno, Sparks and Carson City, Bartsche added.
“You may be competing with multiple buyers. We’re starting to see that multiple-offer situation come up again,” he said.
Relief may come through the Federal Reserve.
“We’re hopeful that we’ll see a reduction in interest rates sometime this year,” Bartshe said. “If they come down, even 1%, we’re going to see a huge influx of buyers that were priced out of the market previously, coming back into the marketplace.”
Visit Sierra Nevada REALTORS's April 2024 market statistics here.
