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.
According to the Reno-Sparks Association of Realtors, the Reno-Sparks area experienced an increase of 5.1% in median price from $340,000 in June to $357,000 in July. This price was 12.6% higher than July of last year, and 23.3% higher than July, 2015. These year over year increases emphasize the strong demand for housing being driven by low mortgage rates and economic growth in the region. We anticipate the median price will continue to increase over the long term, especially in the most affordable price ranges.
The Average Days on Market decreased by 5.7% from 87 days in June to 82 days in July. This is the fifth consecutive month of decreases in the time on market, and is a 24.1% decrease from December, 2016. That means homes are selling an average of 26 days faster now than at the end of last year. We expect the Days on Market to remain in the same territory for the next month or two. However, as we move into fall and winter, look for the Days on Market to increase, which is the typical seasonal trend.
Why is this information important to you? With fewer homes on the market and faster sell times, there is less competition for sellers of homes in many neighborhoods. For sellers in price ranges below $500,000, the constrained inventory and strong demand make this a great time to meet with us about why you might consider selling now.
For buyers, mortgage rates are still relatively low, but increases in mortgage rates could come at any time. Your first steps in the buying process should include talking with us to help you get pre-qualified with a mortgage lender before you start looking at homes.
For more information about the Reno-Sparks real estate market, whether you're planning to buy or sell a home, call us at 775-453-4568.