Reno-Sparks Real Estate Market Report
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The Northern Nevada real estate market and the rest of the country have experienced record prices and bidding wars since the start of the pandemic. But some experts believe the industry is softening or that the ‘crazy’ is just leaving the housing market.
The growth rate of prices and buyer demand are slowing down, and the market is showing signs of returning to a more typical seller’s market. And although we can’t predict the future, there are three key fundamental differences between the current market and the 2008 Great Recession, which is why we’re doubtful to see another crash.
At Dickson Realty, we regularly share insights into the Northern Nevada real estate market to help you make informed decisions. So, whether you’re thinking about buying or selling a home, this is information you can use.
Northern Nevada Real Estate Market Is Showing Signs Stabilizing
Overall, we’re ready to wave goodbye to the craziness and say hello to a more balanced market. Here’s what happened in July 2021.
Median Home Sale Prices Dropped Slightly
In July 2021, the median sales price in the Northern Nevada real estate market stood at $525,000, representing a 1% decrease month-over-month and a 21.2% increase year-over-year. Although the market is still experiencing a degree of appreciation, this graph shows that housing prices are starting to stabilize. We expect an appreciation of about 3% to 5% for the remainder of the year, a significant improvement from spring.
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.