Let’s take a look at the most recent trends in Median Price and Days on Market for the greater Reno-Sparks area.
At the end of May, 2016, the median home price for the Reno-Sparks region climbed to $310,000. This was a 5% increase over last month, and a 9.4% increase from a year ago. We expect the median price to continue to climb as demand in most price ranges, fueled by job creation and low mortgage rates, out paces the supply of affordable homes.
The Average Days on Market for May dropped considerably to just over 78 days. This is the lowest average since August of last year, and significantly lower than the prior 6 months. The average Days on Market usually trends downward this time of year, and through summer, after peaking in the winter months.
Why should this information matter to you? For sellers in price ranges below $500,000, the low inventory and high demand make this a great time to talk to a Dickson Realty agent about why you should consider selling now.
For buyers, mortgage rates are expected to remain low for the near term, but that can’t last forever. Contact your Dickson Realty agent to get pre-qualified before you start looking at homes. Then, be one of the first to know about new listings by visiting DicksonRealty.com. Or, download our free mobile app to your Apple or Android phone. We update listing information every 30 minutes, so you will have the latest information in the palm of your hand.
Dickson Realty is ranked the number one real estate company in the Reno-Tahoe region. You can trust the experts at Dickson Realty to get you the information you need, when you need it. We’ve been assisting home buyers and sellers for over 40 years. Call one of our offices or your agent today.
Dickson Realty Market Trends- Market News June 23, 2016 from Dickson Realty on Vimeo.
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