Here’s what you need to know about the Reno/Sparks real estate market, from the experts at Dickson Realty.
There were 632 homes active on the market and available for purchase at the end of January, which was a 23% decrease from December and a staggering 36% decrease from January 2019. Although it is not uncommon to see a lower number of homes for sale this time of year, we have not had inventory this low since December 2017.
Reno/Sparks area REALTORS sold 384 single family homes in January, which was an 26% decrease from December 2019 and a 18% increase from January of 2019. Demand for homes is expected to remain strong, even with the lower inventory.
The median sold price for single family homes in Reno/Sparks was at $405,000 in January, which was slightly more than December. The regional median price is up by 11.8% 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 increased by 12% to 115 days over the last month. Last year at this time, days on market was nearly 16% lower at 99 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, please reach out to Sallan Real Estate. It would be our pleasure to assist you.