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 $394,000 in December to $404,972 in January. The median price has been relatively unchanged since the middle of last year with some months up slightly and some months down slightly. The regional low supply and strong demand for housing are expected to keep the annualized median price on the rise in the long term.
The Average Days on Market went up from 103 days in December to 115 days in January. Typically, we see an increase in the number of days to sell a home this time of year, so this slight change is not concerning. 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.