Demand for housing in the Reno/Sparks region remains 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 stabilized last month with only a slight 1% decrease from June to July, to $525,000. Year-over-year median price is up by 21%, and we expect it to continue trending up in the coming months, but likely at a slower pace. As of August 25th, the median price for the month of August is $549,750, but the sales activity in the final days of August may change this number slightly.
The Average Days on Market increased by 14.3% to 64 days in July. Even with the monthly increase, these are still some of the lowest Days on Market times we have seen since 2004, so it is quite remarkable. Last year at this time, the days on market was 76 days, which is more typical for this time of year. On average, homes are going into contract in about 15 days, which is exceptional. The fast market represents a challenge for buyers, but should not deter anyone looking to purchase a home. As more homes come on the market, we expect the average days on market to continue to climb in the future.
If you are in the buying market, be sure to have your loan pre-approval completed before starting your search. Dickson Realty agents also have access to programs 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.
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 and the home that is right for your lifestyle.
Visit www.DicksonRealty.com for more information and to see homes for sale in Reno, Sparks, Truckee, Lake Tahoe, Plumas and Eastern Sierra County. Follow Blog.DicksonRealty.com to stay up to date on the latest news in your housing market.