Let’s take a look at Median Price and Days on Market trends over the past 6 months in the greater Reno-Sparks area for single family home sales.
“Median” means “in the middle”, with half of homes selling for more and half selling for less. According to the Reno-Sparks Association of REALTORS, the median price increased slightly to $374,000 from August to September. A better indicator of market health is to look at the annual trend, which is up by over 11% since September of last year. This year-over-year change highlights the continued demand for housing in the region.
The Average Days on Market increased slightly in September to 77 days. This is the second increase in Days on Market in a row after not having one since April. An increase is typical this time of year and, welcomed especially by buyers, but it is still 6 days less than at this time last year.
Why should this information matter to you? For sellers in many price ranges, the strong buyer demand make this an excellent time to consider selling now.
For more information about the Reno-Sparks housing market, please contact Sallan Real Estate at 775-453-4568.