Here’s what you need to know about the Reno/Sparks real estate market, from the experts at Dickson Realty.
There were 1,348 homes active on the market and available for purchase at the end of August, which was a 2% increase from July, but 3.4% fewer than August 2018. This is the first decrease in inventory year-over-year since June of 2018. Over two-thirds of the available homes for sale on August 31st were priced below $600,000.
Reno/Sparks area REALTORS sold 610 single family homes in August, which was a 1.3% increase over July 2019, and a 6.6% increase over August of 2018.
The median sold price for single family homes in Reno/Sparks decreased by 1.4% to $399,250 in August. Despite the monthly decrease, our regional median price is up by 7.7% 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 10.4% to 85 days over the last month. Last year at this time, days on market was 11.8% 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.