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. “Median” means “in the middle”, so one-half of homes sold at a lower price and one-half of homes sold at a higher price. 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 area experienced its first decrease in median price in April 2018 since September of last year. The April median price was $374,000, compared to $375,000 in March. A better indicator of the market is the year-over-year change. When we compare April 2018 to 2017, we experienced a 15.3% increase in median price, which highlights the strong demand for housing being driven by low housing inventory, low mortgage rates and continued economic growth.
The Average Days on Market decreased by 7.1% from 84 days in March to 78 days in April. It is also 21.2% lower, or 21 fewer days than the 99 Average Days on Market in April 2017. This number has been hovering in the low 80’s for several months. The sustained demand and lack of inventory are contributing to these shorter times on the market.
Would you like more information about the Reno-Sparks real estate market? Are you planning to either sell or purchase a new home? We would be honored to be of assistance however we can. Please contact us or call 775-453-4568.