Days on Market & Median Price Report – May 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 2% to $494,500 from March to April. This is another new record median price for single-family home sales in the region. Year-over-year, median price is up by 19%, and we expect it to continue trending up in the coming months.
The Average Days on Market decreased by 13 days, or 19%, to 55 days through April. This is the lowest Days on Market time we have seen since 2004, so it is quite remarkable. Last year at this time, days on market was 80 days, which is more typical for this time of year. 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. Dickson Realty agents have tools that allow you to tap into the home equity you currently may have to write more competitive offers while remaining in your home throughout the buying process. Reach out today to learn more about the process.
Many of the amenities we desire in our homes 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.
