Here’s what you need to know about the Reno/Sparks real estate market, from the experts at Dickson Realty.

There were 817 homes active on the market and available for purchase at the end of December, which was a 16% decrease from November and a 32% decrease from December 2018. This was the fourth consecutive month to experience a reduction in inventory.

Reno/Sparks area REALTORS sold 504 single family homes in December, which was an 11% increase from November 2019 and a 31% increase from December of 2018. Demand for homes is expected to remain strong, even with the reduction in inventory.

The median sold price for single family homes in Reno/Sparks was at $393,500 in December, which was slightly less than November. The regional median price is up by 7.8% year over year. “Median” means “in the middle”, so half of homes sold for less and half sold for more. An annualized upward trend in median price is expected for the foreseeable future.

The Average Days on Market for homes sold increased by 13% to 102 days over the last month. Last year at this time, days on market was nearly 6% lower at 96 days. The Days on Market that we see today still represents a fast paced market, so it is important to be pre-qualified with a lender before looking at homes to buy, and ensure you are prepared to make an offer when you find the perfect house to call home.

If you have any questions about this report, please reach out to Sallan Real Estate. It would be our pleasure to assist you.

Posted by Jeff Sallan on
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