DOM & Median Price Report – Reno/Sparks
Home. It has never been so important. Demand for housing in the Reno/Sparks region is strong and home prices continue to rise.
When discussing median price, “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 from $444,900 in August to $440,000 in September, 2020. Our year-over-year median price is up by 11% and we expect the median price in the coming months to continue trending up.
The Average Days on Market decreased again from 75 days to 71 days from August to September. Days on Market has gone down every month since January 2020. Last year at this time, the days on market was 15 days higher, at 86 days. The fast market times represent additional challenges for buyers. If you are in the buying market, be sure to have your loan pre-approval completed before starting your search.
Lifestyles may be changing for the long-term and the things we desire in a home will change along with our lifestyles. You may need a different or extra office or study spaces, a better equipped kitchen, or room for a home fitness area. We’re here to help you find the space that is right for you.
Please reach out if you have any questions about this report or the real estate market in our region. It would be a pleasure to assist you.