At the end of April, 2016, the median home price for the Reno-Sparks region climbed to $294,500. Although this was slightly less than March’s $295,000 median, it represented a healthy 8.3% increase from April of last year. We expect the median to continue to climb as the demand in most price ranges, fueled by continued job creation and low mortgage rates, out paces the supply of affordable homes.
The Average Days on Market for April remained even with March’s 92 days, which is a 19% decrease from February. 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 who have equity as a result of the increase in property values, 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 at historic lows, 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. Contact us for your complimentary home search. You will receive updates by email every time a home that matches your search criteria hits the market.
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.