Reno/Sparks Days on Market & Median Price Report
The media headlines are dramatic about a cooling in the national real estate market, but locally we are starting to see signs of stabilization in real estate activity. Demand for housing in the Reno/Sparks region remains intact, 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 November, the median price in the Reno/Sparks area increased by $10,000 (or 1.9%) to $550,000 when compared to October. Although this could be interpreted as an indicator that the market is reaching a point of stabilization after the past several months of correction, we still could experience some fluctuations in price. Year-over-year, median price for homes sold in the region increased by 2.5% from $536,500 in November 2021. For perspective, November’s median price is 38% higher than November 2019 and 46% higher than November 2018. As of December 28th, the median price for sales in the month of December is $515,000, but activity in the final days 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 November, Average DOM increased by 5.6% to 94 days. By comparison, the Average DOM per month for 2018-2019 was 86 days. Last year at this time, Days on Market was 52% lower than today, at 62 days. So far through December 28th, the Average DOM for December is at 92 days. The speed of our market continues to represent some challenges for buyers, but should not deter anyone looking to purchase a home. More homes are coming on the market, and the average time on market getting back to normal presents a good opportunity to buyers who were not able to purchase 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.
