Hello Friends, Family, Past and Future Clients,
Big update from the Florsheim household: we found our nanny! The teething is still in full swing (some nights are still rough, not going to sugarcoat it), but we are getting some breathing room and that makes a world of difference. Madison is growing like crazy and her little personality is really starting to come out. Erica is doing awesome. Life is good, just busy, which is a blessing.
Okay, now let’s talk about what’s going on in the market because there is a lot happening right now that is worth paying attention to.
The Bigger Picture: What’s Happening Nationally
I want to share something that really puts the current market in perspective. Take a look at this chart:
This data comes from Arbor Research using MLS and Redfin data, and it tells a pretty striking story. As of February 2026, there were an estimated 46.3% more home sellers than buyers actively in the market. That is the biggest gap since Redfin started tracking this data back in 2013. Active homebuyers have dropped to around 1.36 million, the lowest level in at least 13 years, while active sellers sit at about 1.99 million.
For context, back in November 2022 during the height of the frenzy, there were 36% more buyers than sellers. We have completely flipped the script.
What is driving this? A few things piling on top of each other. The conflict in Iran has kept energy prices elevated and inflation pressure alive, which has kept mortgage rates stubbornly high. The Fed held rates steady at its last meeting and there is little sign of meaningful cuts coming this year. Job creation has slowed considerably. Consumer confidence is shaky. When people feel uncertain about their finances or their job, they put big decisions like buying a home on hold.
The headline from analysts tracking this data: further home price cuts are likely coming at the national level.
Now here’s where I want to pump the brakes on the doom and gloom, because Reno is not a national statistic.
What This Means in Reno and Sparks
Our local market has its own story, and it is more nuanced than the national picture suggests. Here’s what the numbers are showing locally as of spring 2026:
Median home prices in Reno are sitting right around $580,000 to $600,000, up roughly 5 to 6% compared to a year ago. Prices have not collapsed here the way they have in some overbuilt Sun Belt markets. We simply do not have the excess supply that places like Phoenix or Austin are dealing with.
Inventory is still lean by historical standards, hovering around 1.5 months of supply. A balanced market has 4 to 6 months. That means we are still technically a seller’s market, though it does not feel as extreme as it did in 2021 and 2022.
Days on market have ticked up slightly, averaging around 49 days before going under contract, compared to 45 days this time last year. Buyers have more time to think, which is actually healthy. The frantic weekend-deadline-multiple-offer situations are less common, though they still happen on well-priced homes.
Closed sales are up about 10% year-over-year, a positive sign that transactions are still happening. People are moving, buying, and selling. They’re just being more deliberate about it.
What this adds up to is a market that is softening at the edges but not falling apart. The national trend of buyers pulling back is showing up here too, but our supply constraints are providing a floor on prices that many other markets don’t have.
Where the Opportunities Are Right Now
For sellers: pricing is everything right now. The buyers who are active in this market are informed and they are not going to overpay. Homes priced correctly for where the market actually is are still selling and selling well. I am seeing full-price offers on listings that are priced right. The sellers who are struggling are the ones testing the market with wishful pricing.
For buyers: this might genuinely be one of the better windows we’ve seen in years to negotiate. Homes with longer days on market are where the deals are. Sellers in those situations are more motivated, and I am successfully negotiating price reductions, closing cost credits, and repair concessions in escrow. New construction is also worth a serious look right now. Builders are offering rate buydowns and incentives to move inventory, and the numbers can get quite attractive when you factor those in.
My honest take for anyone sitting on the fence: waiting for rates to drop significantly before buying is a risky game. If rates do drop, demand will surge and prices will follow. The buyers who are moving now, carefully and with good representation, are positioning themselves well.
Reno Updates
A few things happening around town worth knowing about this month:
The State Fair of Nevada is coming back after a 16-year absence, and it’s happening right here in Reno on June 11-13. This is a big deal for the community and should be a great event with livestock shows, entertainment, food, carnival rides, and a drone show.
The USBC Open Championships are underway at the National Bowling Stadium, bringing thousands of competitors to Reno over a four-month stretch. Good for local business and a reminder of what a unique venue we have right downtown.
As always, I’m here if you want to talk through any of this for your specific situation. Whether you’re thinking about making a move, curious what your home is worth right now, or just want to understand the market, I love these conversations. Reach out anytime.
