Market Report - DOM and Median Price - Reno/Sparks
Let’s take a look at Median Price and Days on Market trends over the past 6 months 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 median price increased by $10,000 to $385,000 from May to June. That is a new record for median price of single family homes in Reno/Sparks. It has increased by almost 16% since June of last year. This year-over-year change highlights the strong demand for housing being driven by low housing inventory, low mortgage rates and continued economic growth.
In the last month, the Average Days on Market decreased by 4 days, and, at 69 days, is now 17 days lower than this time last year. The sustained demand and lack of inventory are contributing to these shorter times on the market.
Why should this information matter to you? For sellers in many price ranges, the strong buyer demand and constrained inventory make this an excellent time to consider selling now.
For buyers, we can help you get pre-qualified with a mortgage lender before you start looking at homes. Then, you’ll be prepared to move quickly when you find the right house to call “home”.
Please contact Sallan Real Estate for more market statistics or information about what is happening with real estate in your neighborhood.