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 was nearly unchanged, going from $400,000 in November to $393,500 in December. The median price has been hovering at this level for several months. 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 went up from 90 days in November to 102 days in December. Typically, we see an increase in the number of days to sell a home this time of year, so this slight change is not concerning. The sales pace in our market is brisk and 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.
