DOM Median Price- Reno/Sparks- February 2022
Demand for housing in the Reno/Sparks region remains remarkably strong, which is keeping upward pressure on home prices, while market times continue at a very fast pace. Here’s the latest market information 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 by 4.6% to $569,950 over the last month, setting a new record for median price in our region. Looking at year-over-year, median price is up by 26.7%. We expect it to continue trending up in the coming months, but likely at a slower pace than it was in early 2021. As of February 22nd, the median price for sales in the month of February is $571,500, but activity in the final days of the month may change this number up or down somewhat.
On average, homes went into contract in one week from the time they were listed for sale in January. Average Days on Market is the time from original listing until closed sale, including the time in escrow. In January, Average Days on Market increased by 3% to 72 days. 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 84 days. So far through February 22nd, the average days on market for February is at 68 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 this spring, we expect the average days on market to climb somewhat.
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 iBuyer and Bridge Buyer 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.