Here’s what you need to know about the Reno/Sparks real estate market, from the experts at Dickson Realty.
There were 1,278 homes active on the market and available for purchase at the end of September, which was a 5.2% decrease from August and a 13.6% decrease from September 2018. Over two-thirds of the available homes for sale on September 30th were priced below $600,000.
Reno/Sparks area REALTORS sold 558 single family homes in September, which was a 10% decrease from August 2019 and a 21% decrease from September of 2018. It is typical this time of year to see the number of sales start to decrease.
The median sold price for single family homes in Reno/Sparks decreased by 1% to $395,000 in September. Despite the monthly decrease, our regional median price is up by 6% 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 1% to 85 days over the last month. Last year at this time, days on market was nearly 12% lower at 76 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. It would be our pleasure to assist you.