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.
According to the Reno-Sparks Association of REALTORS, the Reno-Sparks area experienced an increase of 1.5% in median price from $335,000 in May to $340,000 in June. This price was 8.7% higher than June of last year, and 21.4% higher than June, 2015. These year over year increases emphasize the strong demand for housing being driven by low mortgage rates and healthy economic growth in the region. We anticipate the median price will continue to increase over the long term, especially in the most affordable price ranges.
The Average Days on Market decreased by nearly 7% from 92 days in May to 86 days in June. This is the fourth consecutive month of decreases in the time on market, and is a 20.4% percent decrease from December, 2016. That means homes are selling an average of 22 days faster now than at the end of last year. We expect the Days on Market to go down a few more days as we are in the peak of the summer selling season.
Why is this information important to you? Fewer homes on the market and faster sell times mean there is less competition for homes in many neighborhoods. For sellers in price ranges below $500,000, the constrained inventory and strong demand make this a great time to meet with your Dickson Realty agent about why you might consider selling now.
For buyers, mortgage rates are still relatively low, but increases in mortgage rates are expected in the future. 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 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.
