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 a small increase of 1.5% in median price from $319,000 in March to 323,695 in April. This price was 9.7% higher than April of last year, and 19% higher than April, 2015. These year over year increases emphasize the strong demand for housing being driven by low mortgage rates and healthy 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 remained unchanged from March to April at 99 days. Homes were selling slightly faster during April of last year which had an average of 92 Days on Market. We expect the Days on Market to trend down slightly as we head into the spring selling season and the peak moving season during the summer months.
Why is this information important to you? 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 an increase in mortgage rates is on the horizon. Your first steps in the buying process should include talking with your agent and mortgage lender help you get pre-qualified before you start looking at homes.
Dickson Realty is ranked the number one real estate company in the Reno-Tahoe region. You can trust the experts at Dickson Realty to get you the information you need, when you need it. We’ve been assisting home buyers and sellers for over 40 years.