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 seeing signs of 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 January, the median price in the Reno/Sparks area decreased by about $10,000 (or 1.9%) to $510,000 when compared to December. Year-over-year, the median price for homes sold in the region decreased by 9.7% from $565,000 in January 2022. For perspective, the January 2023 median price is 13% higher than January 2021 and 26% higher than January 2020. As of February 21st, the median price for sales in the month of February 2023 is $495,000, 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 February, the Average DOM increased by 8.2% to 106 days. By comparison, the Average DOM per month for 2018-2019 was 86 days. Last year at this time, Days on Market was 47% lower than today, at 72 days. So far through February 21st, the Average DOM for February 2023 is at 105 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.
