Let's take a look at Median Price and Days on Market trends over the past 6 months for single family homes in the greater Reno-Sparks area.
At the end of October, the median home price for the Reno-Sparks region decreased slightly to $306,425 from September’s $310,000. This represents a 1.2% decrease month over month, and a 3.6% decrease from the peak of our summer selling season in July. Despite these declines, the median price is still 9.4% higher than a year ago at this time. Strong demand for housing, low mortgage rates and healthy job growth in the region will continue to drive median price up over the long term, especially in the most affordable price ranges.
The Average Days on Market for October increased by a few days from September, to 92 days. This is an increase of 13 days or 16.5% from June’s near record low of 79 days. We expect the Days on Market to experience the typical seasonal increase now through early next year, as me move forward into the holiday season and winter months.
Why should this information matter to you? For sellers in price ranges below $500,000, the low inventory and high demand make this a great time to talk to me about why you should consider selling now.
For buyers, mortgage rates are expected to remain low for the very near term, but but an expected rate increase at the Federal Reserve is on the horizon. How that ultimately impacts mortgage rates is yet to be seen, but the current low rates cannot continue forever. Please contact me to help you get pre-qualified before you start looking at homes.