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 5.9% increase in median price in the month of February. The median price of $320,000 was also 10.3% higher than February of last year, and over 20% higher than February 2015. These year over year increases confirm a 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 increased by 8 days from 107 days in January to 115 in February. Despite the increase, it is still lower than February of last year’s Average Days on Market of 116. We expect the Days on Market to begin a downward trend as we begin to move into spring selling season.
Why should this information matter to you? For sellers in price ranges below $500,000, the low inventory and high demand make this a great time for us to speak about why you should consider selling now.
Please contact me for more market statistics or information about what is happening with real estate in your neighborhood.
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 consulting me to help you get pre-qualified before you start looking at homes.