Nationally and locally, real estate markets are starting the new year off with low inventory, record median prices and fast market times. Here’s the latest information on the Reno/Sparks real estate market, from the experts at Dickson Realty.
There were 203 homes active on the market and available for purchase (not in contract or escrow) at the end of December, which was a 26.7% decrease from November and a remarkable 75% decrease from December 2019. Our market has had a steady decline in inventory since April, which is contributing to higher prices and dampening affordability. Fortunately, mortgage rates are remaining at or near all time lows, which brings some relief to buyers.
Reno/Sparks area REALTORS sold 548 single family homes in December, which was a 9.4% decrease from November, but a 5.8% increase from last year at this time.
The median sold price for single family homes in Reno/Sparks was $449,600 in December which is a very slight decrease from $450,000 in November. 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 stayed the same from November to December, at 72 days. Days on market was 31 days higher at this time last year. We are in a very fast paced market, especially for this time of the year, 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.