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.
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The Average Days on Market dipped slightly…