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 experiencing stabilization in real estate activity. It is also important to keep in mind that the changes the market is going through today are coming after several years of exceptional growth. Demand for housing in the Reno/Sparks region remains intact, and market times continue at a relatively fast pace. Although standing inventory in our market is beginning to trend upward, 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 December, the median price in the Reno/Sparks area decreased by about $32,000 (or 5.8%) to $518,186 when compared to November. Year-over-year, the median price for homes sold in the region decreased by 4.9% from $545,000 in December 2021. For perspective, the December 2022 median price is 32% higher than December 2019 and 42% higher than December 2018. As of January 23rd, the median price for sales in the month of January 2023 is $510,000, 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 December, the Average DOM increased by 4.3% to 98 days. By comparison, the Average DOM per month for 2018-2019 was 86 days. Last year at this time, Days on Market was 40% lower than today, at 70 days. So far through January 23rd, the Average DOM for January 2023 is at 98 days. The speed of our market continues to represent some challenges for buyers, but should not deter anyone looking to purchase a home. As more homes come into the market, the Average DOM getting back to a normal timeline presents a good opportunity to buyers who were not able to purchase at the height of competition during the past few 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.
