Reno/Sparks Days on Market & Median Price Report
There’s a slight cooling in the national real estate market, but demand for housing in the Reno/Sparks region remains strong, and market times continue at a relatively fast pace. Although our market is beginning to experience an uptick in standing inventory, 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 September, the median price in the Reno/Sparks area decreased by $33,250 (or 5.9%) to $531,750 when compared to August. Though the monthly decrease was significant, a better measure is the annual change in median price, which is only down 0.6% year-over-year. We expect prices to stabilize fairly soon as more listings come to market and on-market times head closer to the normal mark. As of October 24th, the median price for sales in the month of October is $548,999 but activity in the final week 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 October, Average DOM increased by 5.3% to 79 days. By comparison, the Average DOM per month for 2018-2019 was 86 days. Last year at this time, Days on Market was 23.4% lower than today, at 64 days. So far through October 24th, the Average DOM for October is at 89 days. The speed of our market continues to represent challenges for buyers, but should not deter anyone looking to purchase a home. More homes are coming on the market, and the average time market increasing presents a good opportunity to buyers who may have been challenged at the height of competition in the past two 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.
