Let’s take a look at Median Price and Days on Market trends over the past 6 months for single family homes in the greater Reno-Sparks area.
After a slight decrease in the median price last month, which marked the first change since August, we saw an increase from $299,900 to $303,750 in January. This increase is moving towards the $310,000 median price that held from August through November. January’s median price is still 8.9% higher than it was at this time last year, and 19.1% higher than January 2015. Strong demand for housing, low mortgage rates and healthy job growth in the region will continue to drive median price up over the long term, especially in the most affordable price ranges.
The Average Days on Market decreased by one day from 108 days in December to 107 in January. This marks the first decrease seen in Average Days on Market since August. This is still only 1.9% higher than January of last year. We expect the Days on Market to continue follow the typical seasonal trend through these winter months and begin to decline as we move into springtime.
Why should this information matter to you? For sellers in price ranges below $500,000, the low inventory and high demand make this a great time to talk to a Dickson Realty agent about why you should consider selling now.
For buyers, mortgage rates are expected to remain low for the near term, but an expected rise in mortgage rates is likely on the horizon. Your first steps in the buying process should include talking with your Dickson Realty agent to help you get pre-qualified before you start looking at homes. Then, be one of the first to know about new listings by visiting our award-winning website, DicksonRealty.com. We update listing information every 30 minutes, so you will have the latest information at your fingertips.
Dickson Realty is ranked the number one real estate company in the Reno-Tahoe region. You can trust the experts at Dickson Realty to get you the information you need, when you need it. We’ve been assisting home buyers and sellers for over 40 years. Call one of our offices or your Dickson Realty agent today.
Dickson Realty Market News February 27, 2017 from Dickson Realty on Vimeo.
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