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 3.4%) to $615,000 over the last month, setting a new record median price for any month in our region and passing the $600,000 milestone. Looking at year-over-year, median price is up by 23%. We expect prices to start to stabilize a bit more with interest rates rising and more homes being listed and remaining on the market longer. As of June 27th, the median price for sales in the month of June is $600,000, 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 7 days from the time they were listed for sale in May. Average Days on Market is the time from original listing until closed sale, including the time in escrow. In May, Average Days on Market decreased by 4.8% to 59 days. These are fast market times despite the fact that last year at this time, the Days on Market was 7.3% lower than today, at 55 days. So far through June 27th, the average days on market for June is at 57 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 finding a new house. Reach out today to learn more information about the Dickson Offer Optimizer.
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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.
