At the end of September, the median home price for the Reno-Sparks region remained the same as August at $310,000. This represents a 2.7% decrease from the peak of our summer selling season in July, but an 8.8% increase from a year ago at this time. Strong demand for housing, low mortgage rates and healthy job growth in the region will continue to drive median price up over the long term, especially in the most affordable price ranges.
The Average Days on Market for September increased by a few days from August, to 90 days. This is an increase of 11 days or 14% from June’s near record low of 79 days. We have been hovering near the limit of how fast inventory can turn over for the past few months, and expect the Days on Market to experience the typical seasonal increase as we move forward into the late fall and winter 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 me 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. Please contact me to help you get pre-qualified before you start looking at homes. Then, be one of the first to know about new listings by visiting our award winning website, DicksonRealty.com. We update listing information every 30 minutes, so you will have the latest information at your fingertips.
As a Dickson Realty agent, I have the experience, the tools and the technology to stay on top of the market. That will help you buy or sell at the right price. Please contact me for more market statistics or information about what is happening with real estate in your neighborhood.