Reno/Sparks area Realtors sold 572 single family homes in June, which was not a significant change from May, but was a 24% decrease in sales compared to this time last year.
In June, the number of available homes increased nearly 10% to 924 homes. Although this helps provide some relief to buyers, the available inventory is also down by over 20% when compared to June of last year. With fewer listings year over year and continued growth in the region, the economics of supply and demand are impacting the median price and days on market.
The median sold price for single family homes in Reno/Sparks increased by $10,000 to $385,000 in June and increased by over $52,000 since June of 2017. An upward trend in median price is expected to continue for the foreseeable future. “Median” means “in the middle”, so half of home sold for less and half sold for more.
Average Days on Market for homes sold decreased by 4 days in June to 69 days. This is the first time it has been under 70 days in quite some time. Just last year, it was 20% higher at this time.
If you are interested in buying or selling a home in the Reno-Sparks area, please contact us for more information on specific neighborhoods.