Reno – Tahoe real estate is experiencing strong seasonal activity as above-average winter conditions recede. A surge on new inventory in April gave way to the most prolific month for real estate closings in 10 months. 357 residential sales track near even with a year ago, but still meaningfully lags the historic average.
Despite May being the most prolific month for new listings in any given year, the net supply has dropped by over 100 listings month-over-month. Increasing demand has pushed prices back over 2023 values and nearly equal to the 2022 peak.
Currently supply sits just over 1,100 active listings, equal to approximately 4 months supply. This generally indicates a balanced market wherein prices should remain stable. We expect inventory to continue to proliferate for another 30 days before the summer sales season begins to absorb supply at a more rapid rate. Given the momentum in the market and a general acceptance of interest rates at current levels, a small amount of upward pressure may present itself.
