Let’s take a look at Median Price and Days on Market trends over the past 6 months for the greater Reno-Sparks area.
At the end of September, the median home price for the Reno-Sparks region remained the same as August at $310,000. This represents a 2.7% decrease from the peak of our summer selling season in July, but an 8.8% increase from a year ago at this time. 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 for September increased by a few days from August, to 90 days. This is an increase of 11 days or 14% from June’s near record low of 79 days. We have been hovering near the limit of how fast inventory can turn over for the past few months, and expect the Days on Market to experience the typical seasonal increase as me move forward into the late fall and winter months.
Are you interested in buying or selling your home in the Reno area? Give us a call at 775-453-4568 for more information about the local real estate market or for a complimentary market valuation for your home.