Let’s take a look at the 6 month trends for Median Price and Days on Market trends in the greater Reno-Sparks area for single family home sales.
“Median” means “in the middle”, so half of homes sold for more and half sold for less. According to the Reno-Sparks Association of Realtors, the regional median price was nearly unchanged, going from $399,995 in October to $400,000 in November. The median price has been hovering at this level for several months. The relatively low supply and strong demand for housing in our region are expected to keep median price on the rise in the long term.
The Average Days on Market went down from 95 days in October to 90 days in November. Typically, we see an increase this time of year, but the reduced inventory and continued demand are likely contributors to this decrease. The sales pace in our market is brisk and buyer demand continues to make this an excellent time to consider selling now. If you are in the market to buy, be sure you are pre-qualified for a home loan before heading out to look.
If you have any questions about this report or the real estate market in our region, please reach out. Thank you.