Here’s a quick look at the housing market in the Reno-Sparks area.
The median sales price for single-family homes sold in November 2015 increased by over $10,000, to $290,000, and over $42,000 for condos, to $164,000 when compared to October. November also had the first downtown Reno condo sale of over $1 million in more than 6 years!
The average days on market for homes between October and November remained consistent, only decreasing from 96 to 95. The average days on market for condos decreased at a more significant rate from 87 to 77.
A decrease in months of inventory for single family homes and condos in our region means the market will likely continue to be in a seller’s market as we enter 2016. The Reno and Sparks area remains an especially strong seller’s markets for homes priced less than $600,000.
Recent reports from EDAWN and the UNR Center for Regional Studies predict strong economic growth and a 1.4 percent annual population increase for the next five years. These factors will contribute to a robust demand for housing. The year over year price increases and low inventory that we’ve witnessed for the past couple of years will likely continue if these population growth and economic projections are correct.
If you are thinking about selling your home, one of our Dickson Realty experts can help you set the right price, and help you understand how to negotiate the potential of multiple offers.
For buyers who are entering the market, you need the experience that a Dickson Realty agent can bring to the table. Our award winning website and mobile apps can help you be among the first to find new listings.
Whether buying or selling in the current market, you need an expert counselor on your side. Contact one of Dickson Realty’s neighborhood experts to get the very latest information about home values. We’ve been assisting northern Nevada buyers and sellers for more than 40 years.
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