At the end of August, the median home price for the Reno-Sparks region dropped slightly to $310,000, a 2.8% decrease from July, but a 6.9% increase from August 2015. Strong demand for housing, low mortgage rates and healthy job growth in the region will continue to drive median price up over the long term, especially in the most affordable price ranges and areas of town.
The Average Days on Market for August ticked down by a day, to 86 days. We have been hovering near the limit of how fast inventory can turn over for the past few months. We expect the Days on Market to remain low in the coming months, before the typical seasonal increase in Days on Market that we experience in the late fall and 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. Listing information is updated every 30 minutes, so you will always have the latest information.
We 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. Give us a call at 775-453-4568.
Please contact me for more market statistics or information about what is happening with real estate in your neighborhood.