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…
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