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 February, the median price in the Reno/Sparks area increased by about $2,500 (or 0.5%) to $512,500 when compared to January. Year-over-year, the median price for homes sold in the region decreased by 7.8% from $556,000 in February 2022. For perspective, the February 2023 median price is 14% higher than February 2021 and 31% higher than February 2020. As of March 23rd, the median price for sales in the month of March 2023 is $523,943, but activity in the final days of the month may change this number up or down somewhat.
Days on Market (DOM) is the time from original listing until closed sale, including the time in escrow. Through the end of February, the Average DOM increased by 0.9% to 107 days. By comparison, the Average DOM per month for 2018-2019 was 86 days. Last year at this time, Days on Market was 62.1% lower than today, at 66 days. So far through March 23rd, the Average DOM for March 2023 is at 100 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.
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.