Reno/Sparks Days on Market & Median Price Report
Demand for housing in the Reno/Sparks region remains remarkably strong, and market times continue at a fast pace. Our market is beginning to experience an uptick in standing inventory and more price reductions on aggressively priced listings. Please keep reading for 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. The median price in the Reno/Sparks area increased by $20,000 (or 3.5%) to $595,000 over the last month, setting a new record median price for any month in our region. Looking at year-over-year, median price is up by over 20%. We expect prices to continue trending up in the coming months as we enter our peak selling season, but at a slower pace than the past two years. As of May 23rd, the median price for sales in the month of May is $615,000, but activity in the final days of the month may change this number up or down somewhat.
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On average, homes went into contract in 6 days from the time they were listed for sale in April. Average Days on Market is the time from original listing until closed sale, including the time in escrow. In April, Average Days on Market increased by 5% to 62 days. These are fast market times despite the fact that last year at this time, the Days on Market was about 13% lower than today, at 55 days. So far through May 23rd, the average days on market for May is at 56 days. The speed of our market represents a challenge for buyers, but should not deter anyone looking to purchase a home. As more houses come on the market during our peak selling period, we expect the average days on market to increase somewhat.
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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.
