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. These statistics exclude Condo sales and focus only on single family home sales activity in the region.
According to the Reno-Sparks Association of REALTORS, the Reno-Sparks area experienced a 4% increase in median price from $335,000 in September to $348,450 in October. This price was 12.4% higher than October of last year, and 24.5%, or $68,500 higher than October, 2015. These year over year increases highlight the strong demand for housing being driven by low housing inventory, continued low mortgage rates and economic growth. We anticipate the median price will continue to increase in the long term, especially in the most affordable price ranges that fall below $600,000, where over 90% of home sales occur.
The Average Days on Market increased by 6% from 83 days in September to 88 days in October. Though this number increased over the course of the month, it is actually 5.4% less than the 93 Average Days on Market we had at this time last year. We expect the Days on Market to begin increase slightly, following the typical seasonal trend as we move into fall and winter.