DOM & Median Price Report – Reno/Sparks – November 2020
Demand for housing in the Reno/Sparks region is strong and home prices continue to rise while market times remain fast. Here’s the latest info from the experts at Dickson Realty.
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 increased from $440,000 in September to $455,000 in October, 2020. Our year-over-year median price is up by 14%, and we expect it to continue trending up in the coming months.
The Average Days on Market increased from 70 days to 78 days from September to October. Last year at this time, the days on market was 17 days higher, at 95 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 or need in a home will change along with our lifestyles. Whether you need 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.
