Home. It has never been so important. And, the strong demand for housing in the Reno/Sparks region is proving this statement true. Although we experienced a slight dip in median price in the month of May, we are firmly into our traditional busy season with unprecedented low inventory, which has helped to stabilize both price and time on market.
“Median” means “in the middle”, so half of homes sold for more and half sold for less. According to the Reno-Sparks Association of REALTORS, the regional median price increased from $405,000 to $435,000 from June to July. Our year-over-year median price is up by 7% and we expect the median price for sales in the coming months to continue trending up at a manageable pace.
The Average Days on Market stayed fairly steady from 77 days to 76 days from June to July. Naturally we experience a decrease in the number of days to sell a home this time of year. This is great for sellers, but represents challenges for buyers. If you are in the buying market, be sure to have your loan pre-approval completed before starting your search.
While real estate markets nationally have been impacted by the COVID crisis, we are still doing business. Each buyer or seller must evaluate what is best for them. Much of the work in real estate can be completed using technology and does not require that all meetings be face-to-face. We talk daily with our clients by phone, email and text as well as meet with them virtually.
If you have any questions about this report or the real estate market in our region, please reach out. It would be a pleasure to assist you.