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 small increase in median price from $318,500 in February to 319,000 in March. This was 8.1% higher than March of last year, and 16.7% higher than March 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 decreased by 13.9% from 115 days in February to 99 in March. There was a similar decrease from 116 days in February 2016 to 92 in March 2016. We expect the Days on Market to continue on a downward trend as we begin to move into spring selling season and the peak moving season during the summer months.
Why is this information important to you? For sellers in price ranges below $500,000, the constrained inventory and strong demand make this a great time to meet with your Dickson Realty agent about why you might consider selling now.
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 talking with an experienced real estate agent to help you get pre-qualified before you start looking at homes.
Please contact us for more market statistics or information about what is happening with real estate in your neighborhood.