Reno/Sparks Days on Market & Median Price Report
There’s a slight cooling in the national real estate market, but demand for housing in the Reno/Sparks region remains strong, and market times continue at a relatively fast pace. Although our market is beginning to experience an uptick in standing inventory, and we have more price reductions on listings, we believe getting back to normal market conditions is healthy for buyers and sellers. Keep reading for the latest market news 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. As of the end of July, the median price in the Reno/Sparks area decreased by $25,490 (or 4.3%) to $574,510 when compared to June. Despite the monthly decrease, median price is still up by 9.4% year-over-year. We expect prices to stabilize in the coming months as the school year begins, more listings come to market, and on-market times head closer to the normal mark. As of August 23rd, the median price for sales in the month of August is $577,000, 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 25 days from the time they were listed for sale in July. Average Days on Market (DOM) is the time from original listing until closed sale, including the time in escrow. In July, Average DOM increased by 6.3% to 68 days. By comparison, the Average DOM per month for 2018-2019 was 86 days. Last year at this time, Days on Market was 7.9% lower than today, at 63 days. So far through August 22nd, the Average DOM for August is at 69 days. The speed of our market continues to represent challenges for buyers, but should not deter anyone looking to purchase a home. More homes are coming on the market, and the average time market increasing presents a good opportunity to buyers who may have been challenged at the height of competition in recent months.
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Right now is an excellent time to buy, so if you are in the buying market, be sure to have your loan pre-approval completed before starting your search.
When changes occur in your life, we’re here to help you find the space and the home that is right for your next chapter or adventure.
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.
