The Reno/Sparks real estate market continues to be at the forefront of many conversations, with low inventory, record median prices and fast market times. Here’s the latest information from the experts at Dickson Realty.
There were 347 homes active on the market and available for purchase (not in contract or escrow) at the end of October, which was an 18% decrease from September and a staggering 69% decrease from October 2019. Our market has had a steady decline in inventory since April, which is contributing to higher prices and hurting affordability. Fortunately, mortgage rates are remaining at near all time lows, which brings some relief to buyers.
Reno/Sparks area REALTORS sold 624 single family homes in October, which was a 10% decrease from September, but an 11% increase from last year at this time.
The median sold price for single family homes in Reno/Sparks was $455,000 in October which represents a 3% increase from September and is another record high for the region. The better measure is year-over-year, and here the regional median price is up by 14%. “Median” means “in the middle”, so half of homes sold for less and half sold for more.
The Average Days on Market increased from 70 days in September to 78 days in October. Days on Market has decreased every month since January 2020 until this last month. Despite the increase, the days on market was still 17 days higher this time last year, at 95 days. We are in a very fast paced market, so it is more important than ever to be pre-qualified with a lender before looking at homes to buy, and to have an expert assist you with navigating the negotiations when making a home purchase.
If you have any questions about this report, or would like to speak with a lender about getting pre-qualified, please feel free to reach out. It would be a pleasure to assist you.
For more information on the Reno-Sparks housing market, call us at 775-453-4568.