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 August, the median price in the Reno/Sparks area decreased by $9,755 (or 1.7%) to $565,000 when compared to July. Despite the monthly decrease, median price is still up by 6.6% year-over-year. We expect prices to stabilize in the coming months as more listings come to market and on-market times head closer to the normal mark. As of September 20th, the median price for sales in the month of September is $530,000, but activity in the final 10 days of the month may change this number up or down somewhat.
On average, homes went into contract in 32 days from the time they were listed for sale in August. Average Days on Market (DOM) is the time from original listing until closed sale, including the time in escrow. In August, Average DOM increased by 10.3% to 75 days. By comparison, the Average DOM per month for 2018-2019 was 86 days. Last year at this time, Days on Market was 33.9% lower than today, at 56 days. So far through September 20th, the Average DOM for September is at 71 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.
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.
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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.