DOM Median Price- Reno/Sparks- September 2021
The 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 median price increased last month by 1%, to $530,000 which is the highest it has ever been in the region. Year-over-year median price is up by 20%, and we expect it to continue trending up in the coming months, but likely at a slower pace. As of September 21st, the median price for sales in the month of September is $540,000, but activity in the final days of the month may change this number up or down slightly.
On average, homes are going into contract in about 16 days, which is twice as fast as a year ago. Average Days on Market, which is the time from original listing until closing or sold, decreased by 14% to 55 days in August. These are 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 75 days, which is more typical for this time of year. So far through September 21st, the average days on market for September is at 58 days. 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 and remain in your current 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.
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.