Days on Market & Median Price Report – June 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 from April to May by 2%, to $501,000. This is the first time the median price for single-family homes has surpassed the $500,000 milestone in the region. Year-over-year, median price is up by over 25%, and we expect it to continue trending up in the coming months, but likely at a slower pace.
The Average Days on Market remained the same as it was in April, at 55 days. This is still the lowest Days on Market time we have seen since 2004, so it is quite remarkable. At this time last year, days on market was 78 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 sell your current home while remaining in your home throughout the process of buying a new home. Reach out today to learn more information about the Dickson Offer Optimizer program.
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.