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Housing Market Update- July 22, 2016

Posted by Jeff Sallan on Friday, July 22nd, 2016 at 2:52pm.

At the end of June, 2016, the median home price for the Reno-Sparks region climbed to just over $311,600, an 11.3% increase from a year ago. We expect the median price to continue to climb as demand in the most affordable price ranges out paces the supply of affordable homes.

The Average Days on Market for June remained even with May, at 79 days. This is the lowest average since August of last year, and significantly lower than the prior 6 months. The average Days on Market usually trends downward this time of year, and through summer, after peaking in the winter months.

For sellers, the low inventory and high demand make this an excellent time to begin working with a Realtor to sell your home. For a complimentary property valuation, contact us at 775-453-4568. 

 

1 Response to "Housing Market Update- July 22, 2016"

Ashley Beekhof wrote: It is impressive to see that the median home prices for Reno-Sparks has gone up just a little over 11% since last year. I am very excited that the market is turning around and we are actually seeing the shift in supply versus demand. I can only predict more good things for Reno-Sparks to come. We have seen a significant fluctuation in Fernley already which can be contributed by the increased popularity of USA Parkway "TRIC" development and the onset of new businesses coming to the region. I feel as though it can only go up from here!
Thanks,
Ashley Beekhof

Posted on Sunday, July 24th, 2016 at 5:43pm.

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