Days on Market & Median Price Report for Reno/Sparks – September 2019
Let’s take a look at the 6 month trends for Median Price and Days on Market trends in the greater Reno-Sparks area for single family home sales.
“Median” means “in the middle”, so half of homes sold for more and half sold for less. According to the Reno-Sparks Association of REALTORS, the regional median price decreased by 1.5% from $405,000 in July to $399,000 in August. Despite the monthly decrease, $399,000 is still 7.6% higher than the median price in August of last year. This is the first decrease in median price since early this year. The relatively low supply and strong demand for housing in our region are expected to keep median price on the rise in the long term.
The Average Days on Market increased by over 10% from last month to 85 days. This is also about 12% higher than the Days on Market in August 2018. Though it has increased, 85 days still represents a relatively fast paced market. For sellers in many neighborhoods and price ranges, buyer demand continues to make this an excellent time to consider selling now. If you are in the market to buy, be sure you are pre-qualified for a home loan before heading out to look.
If you have any questions about this report or the real estate market in our region, please reach out. Thank you.