DOM Median Price- Reno/Sparks- January 2021
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 slightly decreased from November to December, to $449,600. However, the 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 stayed the same at 72 days from November to December. This is an on-market time that we typically only experience in the peak summer selling season, so it is quite remarkable. Last year at this time, the days on market was 103 days, which is more typical for December. The fast market represents a challenge for buyers, but should not deter anyone looking to purchase a home. If you are in the buying market, be sure to have your loan pre-approval completed before starting your search.
Many of the amenities we desire or need in a home have changed for the long-term. Whether you need extra office or study spaces, a better equipped kitchen, or a dedicate home fitness studio, we’re here to help you find the space that is right for your lifestyle.
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.
