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.
After a slight decrease in the median price last month, which marked the first change since August, we saw an increase from $299,900 to $303,750 in January. This increase is moving towards the $310,000 median price that held from August through November. January’s median price is still 8.9% higher than it was at this time last year, and 19.1% higher than January 2015. 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 decreased by one day from 108 days in December to 107 in January. This marks the first decrease seen in Average Days on Market since August. This is still only 1.9% higher than January of last year. We expect the Days on Market to continue follow the typical seasonal trend through these winter months and begin to decline as we move into springtime.
If you are planning to buy or sell property in Reno, NV this spring or summer, now is a great time to prepare. Home buyers can begin to get their financing in order and sellers can get their home ready to sell. If you are interested in learning more about the Reno area real estate market please call us at 775-453-4568.