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. These statistics exclude Condo sales and focus only on single family home sales activity in the region.
According to the Reno-Sparks Association of REALTORS, the Reno-Sparks area experienced a 4% increase in median price from $335,000 in September to $348,450 in October. This price was 12.4% higher than October of last year, and 24.5%, or $68,500 higher than October, 2015. These year over year increases highlight the strong demand for housing being driven by low housing inventory, continued low mortgage rates and economic growth. We anticipate the median price will continue to increase in the long term, especially in the most affordable price ranges that fall below $600,000, where over 90% of home sales occur.
The Average Days on Market increased by 6% from 83 days in September to 88 days in October. Though this number increased over the course of the month, it is actually 5.4% less than the 93 Average Days on Market we had at this time last year. We expect the Days on Market to begin increase slightly, following the typical seasonal trend as we move into fall and winter.
Why is this information important to you? With fewer homes on the market and faster sell times, there is less competition for sellers of homes in many neighborhoods. For sellers in price ranges below $500,000, the constrained inventory and strong demand make this an excellent time to meet with your Dickson Realty agent about why you might consider selling now.
For buyers, mortgage rates are still low, but increases in mortgage rates could come at any time. Your first steps in the buying process should include talking with your Dickson Realty agent to help you get pre-qualified with a mortgage lender 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 several times each day, so you will have the latest information at your fingertips.
Dickson Realty agents have the industry’s best tools, training and innovative technology to stay in tune with the market. Our experience can help you buy or sell at the best price. We’ve been assisting buyers and sellers in northern Nevada for over 40 years. Visit one of our offices or call your Dickson Realty agent today.
