Let’s take a look at Median Price and Days on Market trends over the past 6 months for single family homes in the greater Reno-Sparks area.
According to the Reno-Sparks Association of REALTORS, the Reno-Sparks area experienced a 5.9% increase in median price in the month of February. The median price of $320,000 was also 10.3% higher than February of last year, and over 20% higher than February 2015. These year over year increases confirm a strong demand for housing being driven by low mortgage rates and healthy economic growth in the region. We anticipate the median price will continue to increase over the long term, especially in the most affordable price ranges.
The Average Days on Market increased by 8 days from 107 days in January to 115 in February. Despite the increase, it is still lower than February of last year’s Average Days on Market of 116. We expect the Days on Market to begin a downward trend as we begin to move into spring selling season.
Why is this information important to you? For sellers in price ranges below $500,000, the continued low inventory and strong demand make this a great time to meet with your Dickson Realty agent about why you might consider selling now.
For buyers, mortgage rates are still relatively low, but an increase in mortgage rates is on the horizon. Your first steps in the buying process should include talking with 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 several times each day, so you will have the latest information at your fingertips.
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 Dickson Realty agent today.
Dickson Realty Market News March 27, 2017 from Dickson Realty on Vimeo.
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