Here’s what you need to know about the Reno/Sparks real estate market, from the experts at Dickson Realty.
There were 974 homes active on the market and available for purchase at the end of November, which was a 13% decrease from October and a 23% decrease from November 2018. This was the third consecutive month to experience a drop in inventory.
Reno/Sparks area Realtors sold 448 single family homes in November, which was a 20% decrease from October 2019 and a 4.5% decrease from November of 2018. It is typical this time of year to see the number of sales start to decrease, and we expect fewer sales when inventory numbers are down as well.
The median sold price for single family homes in Reno/Sparks was relatively flat at $400,000 in November. The regional median price is up by 5.9% year over year. “Median” means “in the middle”, so half of homes sold for less and half sold for more. An annualized upward trend in median price is expected for the foreseeable future.
The Average Days on Market for homes sold decreased by 6% to 89 days over the last month. Last year at this time, days on market was nearly 1.5% lower at 88 days. The Days on Market that we see today still represents a fast paced market, so it is important to be pre-qualified with a lender before looking at homes to buy, and ensure you are prepared to make an offer when you find the perfect house to call home.
If you have any questions about this report or would like more information about the real estate market, please reach out.