Market Report – DOM & Median Price – 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 decreased from $385,000 in October to $377,000 in November. A better indicator of market health however, is to look at the annual trend, which is up by almost 7% since November of last year. This year-over-year change highlights the continued short supply and strong demand for housing in the region.
The Average Days on Market increased in November to 87 days. A longer time on market is typical at this time of the year, and is welcomed especially by buyers. This increase puts us one day higher than we were at this time in November 2017, but is actually more in line with our typical Days on Market in prior years.
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”.