Reno/Sparks Days on Market & Median Price Report
The media headlines are dramatic about a cooling in the national real estate market, but locally we are starting to see signs of stabilization in real estate activity. 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 October, the median price in the Reno/Sparks area increased by $8,090 (or 1.5%) to $540,000 when compared to September. This is an indicator that the market might be reaching a point of stabilization after the recent correction, as we suspected in previous reports. The median price for homes sold in October 2021 was $540,000, so exactly the same as October 2022. For perspective, October’s median price is 35% higher than October 2019 and 40% higher than October 2018. As of November 21st, the median price for sales in the month of November is $575,000 but activity in the final days of the month may change this number up or down somewhat.
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Days on Market (DOM) is the time from original listing until closed sale, including the time in escrow. In November, Average DOM increased by 12.7% to 89 days. By comparison, the Average DOM per month for 2018-2019 was 86 days. Last year at this time, Days on Market was 46% lower than today, at 61 days. So far through November 21st, the Average DOM for November is at 100 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 the past two years.
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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.
