Days on Market & Median Price Report
RENO/SPARKS – March 2021
Demand for housing in the Reno/Sparks region is strong, which is keeping upward pressure on home prices, 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 by one hundred dollars from January to February, to $450,000. However, the year-over-year median price is up by 14.6%, and we expect it to continue trending up in the coming months.
The Average Days on Market decreased significantly by 17 days, or 20.2%, to 67 days from January to February. 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 99 days, which is more typical for February. 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 dedicated 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.