Days on Market & Median Price Report – Reno/Sparks
Let’s take a look at Median Price and Days on Market trends over the past 6 months in the greater Reno-Sparks area for single family home sales.
“Median” means “in the middle”, with half of homes selling for more and half selling for less. According to the Reno-Sparks Association of REALTORS, the median price increased slightly to $380,000 from September to October. A better indicator of market health is to look at the annual trend, which is up by over 10% since October of last year. This year-over-year change highlights the continued demand for housing in the region.
The Average Days on Market increased slightly in October to 79 days. An increase is typical this time of year and is welcomed especially by buyers, but it is still 11 days less than at this time last year.
Why is this information important to you? For sellers in many neighborhoods and price ranges, the strong buyer demand make this an excellent time to consider selling now.
For buyers in a fast paced market, ask your Dickson Realty agent to help you get pre-qualified with a mortgage lender before you start looking at homes. Then, you’ll be prepared to act quickly when you find the right house to call “home”.