August 2025

Check on your realtor friends. We are not okay.

Just kidding, I’m fine. But seriously, the market is SLOW right now. Sellers think it’s 2020 and buyers think it’s 2008. Buyers are hesitant even though our inventory is higher than it’s been in years. Sellers are still asking too much for their homes and in turn we are seeing a huge jump in our time on market.

🏠 Home Prices Continue to Cool

The median sales price in July dropped to $590,000, down 3.3% from July 2024 and 4.3% from just last month (June 2025). This marks a continued cooling in home prices, offering a bit of relief for buyers after years of steady appreciation. If we do see a drop in rates, we will see this level off or even start to appreciate again, depending on how low we go.

🔻 Closed Sales Slow Down

There were 415 closed sales in July—a 10.4% decline from June and 3.5% lower than July 2024. This slowdown could be a sign of buyers pulling back due to affordability concerns or seasonal trends. We are in the middle of our Summer Slump that happens every year when kids are about to go back to school.

⏳ Homes Taking Longer to Sell

The median days to contract increased to 30 days, a jump of 37.2% from June and a significant 51.3% increase from July 2024. This is a signal that homes are sitting on the market longer, giving buyers more breathing room to make decisions.

📦 Inventory Building

The months supply of inventory rose to 2.9 months, up 10.5% from June and 43.8% from last year. While still below the 4–6 months considered a balanced market, this increase reflects a slow shift toward more favorable conditions for buyers. My hard take here: We are squarely in the middle of a buyer’s market, even though the numbers don’t show it.

💡 What This Means for You

• Sellers: Homes are still commanding strong list-to-sale prices, but expect longer days on market. Pricing strategically and marketing effectively will be key.
• Buyers: The market is softening, inventory is growing, and you may finally have some negotiation power—especially if a home has been sitting for a few weeks.
• Investors: The increase in inventory and slower sales could present opportunity—particularly if prices continue their downward trend.

The Reno housing market is showing signs of normalization after years of extreme competitiveness. As always, real estate is local—if you're curious what these numbers mean for your specific neighborhood or home, let’s talk.

📞 Have questions about buying or selling in Reno? Call or text me today—I'm happy to help you navigate this evolving market.