Nationally and locally, the most talked-about themes in real estate are low inventory, record median prices, and fast market times. Here’s the latest information on the Reno/Sparks market, from the experts at Dickson Realty.

Click to enlarge the graph

There were 190 homes active on the market and available for purchase (not in contract or escrow) at the end of February, which was an 11.8% increase from January. This marks the first increase in inventory since April 2020. Though we saw this month-over-month increase, there has still been a remarkable 63.6% decrease in inventory from February 2020. The low inventory of homes, coupled with continued strong demand from home buyers is contributing to ever-higher prices and dampening affordability. Fortunately, mortgage rates are remaining near all-time lows, which brings some relief to buyers.

Reno/Sparks area REALTORS sold 379 single-family homes in February, which was a very slight increase of 0.8% from January, but a more significant 17.6% decrease from last year at this time. A year-over-year decrease in the number of sales is not a surprise and goes hand-in-hand with the lack of inventory to sell.

The median sold price for single-family homes in Reno/Sparks was $450,000 in February which represents almost no change from January. The better measure is year-over-year, and here, the regional median price is up by 14.6%. “Median” means “in the middle”, so half of the homes sold for less and half sold for more.

The Average Days on Market decreased by 17 days, or 20%, from January to February, coming in at 67 days. Days on market was 32 days higher in February 2020. In this very fast-paced market, it is more important than ever to be pre-qualified with a lender before looking at homes to buy and to have an expert REALTOR 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.

Posted by Jeff Sallan on
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