Demand for housing in the Reno/Sparks region has remained relatively strong despite COVID. Although we experienced a slight decrease in median price in the month of May, we are heading into our traditional busy season with unprecedented low inventory, which should help stabilize both price and time on market.
“Median” means “in the middle”, so half of homes sold for more and half sold for less. According to the Reno-Sparks Association of REALTORS, the regional median price decreased from $415,000 to $399,900 from April to May. Our year-over-year median price is still in positive territory, and we expect the median price for sales in the coming months to trend up at a manageable pace.
The Average Days on Market dipped slightly from 80 days in April to 78 days in May. Typically, we experience a decrease in the number of days to sell a home this time of year. This is great for sellers, but represents challenges for buyers. If you are in the buying market, be sure to have your loan pre-approval completed before starting your search.
While real estate markets nationally and locally have been impacted, we are still doing business. Each buyer or seller must evaluate what is best for them. Much of the work in real estate can be completed using technology and does not require that all meetings be face-to-face. We talk daily with our clients by phone, email and text as well as meet with them virtually.