Let’s take a look at the last 6 months’ trend in Median Price and Days on Market for the greater Reno-Sparks area.
At the end of July, 2016, the median home price for the Reno-Sparks region climbed to $318,000, a 2% increase from June, and a 9.7% increase from a year ago. Fueled by high demand, low mortgage rates and job growth in the region, we expect the median price to continue to climb as demand in the most affordable price ranges out paces the supply of homes.
The Average Days on Market for July ticked up slightly from the prior two months. We have been hovering near the limit of how fast inventory can turn over for the past few months. The slight increase in Days on Market from 79 to 87 days is not indicative of less demand. We expect the Days on Market to remain low for at least a few more 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 help you get pre-qualified before you start looking at homes. Then, be one of the first to know about new listings by visiting our award winning website, DicksonRealty.com. 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 August 25, 2016 from Dickson Realty on Vimeo.
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