At the end of May, 2016, the median home price for the Reno-Sparks region climbed to $310,000. This was a 5% increase over last month, and a 9.4% increase from a year ago. We expect the median price to continue to climb as demand in most price ranges, fueled by job creation and low mortgage rates, out paces the supply of affordable homes.
The Average Days on Market for May dropped considerably to just over 78 days. This is the lowest average since August of last year, and significantly lower than the prior 6 months. The average Days on Market usually trends downward this time of year, and through summer, after peaking in the winter months.
Why should this information matter to you? For sellers in price ranges below $500,000, the low inventory and high demand make this a great time for a discussion about why you should consider selling now.
For buyers, mortgage rates are expected to remain low for the near term, but that can’t last forever. If you are in the market to purchase, you can be one of the first to know about new listings by visiting my website. Or, download the free Dickson Realty mobile app to your Apple or Android phone. Listing information is updated every 30 minutes, so you will have the latest information in the palm of your hand.
As a Dickson Realty agent, I have the experience, the tools and the technology to stay on top of the market. That will help you buy or sell at the right price.
Please contact me for more market statistics or information about what is happening with real estate in your neighborhood.