Let’s take a look at the last 6 months’ trend in Median Price and Days on Market for the greater Reno-Sparks area.
At the end of July, 2016, the median home price for the Reno-Sparks region climbed to $318,000, a 2% increase from June, and a 9.7% increase from a year ago. Fueled by high demand, low mortgage rates and job growth in the region, we expect the median price to continue to climb as demand in the most affordable price ranges out paces the supply of homes.
The Average Days on Market for July ticked up slightly from the prior two months. We have been hovering near the limit of how fast inventory can turn over for the past few months. The slight increase in Days on Market from 79 to 87 days is not indicative of less demand. We expect the Days on Market to remain low for at least a few more months.
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 to talk to a us about why you should consider selling now.
For buyers, mortgage rates are expected to remain low for the near term, but that can’t last forever. We would be happy to help you get pre-qualified before you start looking at homes.
Please contact us with any questions about buying or selling property in the Reno-Sparks area. We would be honored to assist you in any way we can.