Let’s take a look at Median Price and Days on Market trends over the past 6 months in the greater Reno-Sparks area for single family home sales.
“Median” means “in the middle”, with half of homes selling for more and half selling for less. According to the Reno-Sparks Association of REALTORS, the median price increased by nearly 3% from $362,000 in January to $370,950 in February. The supply and demand struggles for housing in our region are expected to keep median price on the rise in the long term.
The Average Days on Market increased by 6% over the last month. The year-over-year increase from 88 days in February 2018 to 106 days in February 2019 was a more significant increase of 20%. A longer time on market is typical at this time of the year, and is welcomed especially by buyers.
Why is this information important to you? For sellers in many neighborhoods and price ranges, the strong buyer demand make this an excellent time to consider selling now.
For buyers in a fast paced market, ask us to help you get pre-qualified with a mortgage lender before you start looking at homes. Then, you’ll be prepared to act quickly when you find the right house to call “home”.