For the third time in 2023, the median sales price in Reno Sparks hit $575,000, forming a price ceiling. Here’s a look at October 2023 Reno-Sparks real estate data.
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What you need to know about Reno-Sparks real estate
- Despite a 30% decrease in real estate transactions year over year, prices have managed to stay consistent, demonstrating the resilience of the market.
- Home sales may be down 7% month over month and 9% year over year, but this is due to a decrease in both new contracts and new listings. That does happen with seasonality particularly in wintertime, November through February
- The current market situation, characterized by low inventory, is also largely due to sellers enjoying their current situation, thanks to low interest rates and refinancing in the previous three years.
- Prices are expected to remain fairly stable unless demand decreases further, a trend observed in many other real estate markets across the country.
- Sellers should anticipate a potential increase in the time properties spend on the market, which could range from 30 to 60 days.
- On a bright note, mortgage rates have seen the largest decrease in the past year, dropping from 8% to 7.5%. This is anticipated to boost demand.
- Buyers may find themselves in a stronger negotiating position when it comes to pricing.
- Sellers can take comfort in the fact that limited inventory might prevent a significant fall in prices.
In essence, the Reno-Sparks real estate market, though experiencing a slowdown, is far from stagnant. It offers opportunities for both buyers and sellers to benefit, with the advantage toward buyers. With careful attention to market trends and strategic planning, success in this market is attainable.
