Reno-Sparks Real Estate Market Report
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Nationally and locally, one of the most talked-about themes in real estate is the high demand for homes, which is driving record median prices and fast market times. Here’s the latest information on the Reno/Sparks market, from the experts at Dickson Realty.
There were 299 homes active on the market and available for purchase (not in contract or escrow) at the end of June, which was a welcomed increase of 11.6% from May 2021. At this time last year, there were 651 available listings, which is a year-over-year decrease of 54%. Although that is a significant decrease, we are currently seeing a good number of new listings coming to market. The strong demand from home buyers is putting most new listings into contract very quickly and often with multiple offers. All of this causes prices to rise. Fortunately, mortgage rates are remaining near all-time lows, bringing some relief to buyers.
Reno/Sparks area REALTORS sold 637 single-family homes in June, which was a sizable increase of almost 18% from May and a 13% increase from June 2020. The number of sales is further indication of strong demand from buyers.
The median sold price for single-family homes in Reno/Sparks increased by almost 6% in one month from May to June, coming in at $530,000. That is also over a 30% increase over the $407,000 median price in June of last year. This pace of increase is very unusual and not expected to continue. Our average median increase in 2021 has been about 2 – 2.5% month-over-month, and we expect to return to that average in the long term. “Median” means “in the middle”, so half of the homes sold for less and half sold for more. Additionally, sellers received 103.7% of the asking price on average, for homes sold in the month of June 2021.
Average Days on Market remained the same over the last month, coming in at 56 days. Though it remained the same between May and June, Days on Market was 21 days higher in June 2020. Another marker of a fast market is Days to Contract; here we see an average of 28 days from initial listing until a home goes into contract. This is 26% fewer Days to Contract than June 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.
Dickson Realty agents have selling options that allow you to tap into the home equity you currently may have to write more competitive offers while remaining in your home throughout the buying process. Reach out today to learn more about the Offer Optimizer.
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.