The median price in Reno/Sparks decreased slightly by $4,000 to $351,000 in the month of November. Despite the monthly decrease, there has been a year-over-year increase of nearly 5% since November 2017. As for the number of sales, there was over a 7% decrease from October to November and almost a 15% decrease when compared to this time last year. 127 fewer new listings entered the market in November than did in October, which represents an 18% decrease. Although the month over month comparison appears dramatic, when comparing year over year, the number of new listings actually increased by over 24% compared to November 2017. Inventory of available homes decreased by 8.5% to 1,513 available
Let’s take a look at Median Price and Days on Market trends over the past 6 months in the greater Reno-Sparks area for single family home sales. “Median” means “in the middle”, with half of homes selling for more and half selling for less. According to the Reno-Sparks Association of REALTORS, the median price decreased from $385,000 in October to $377,000 in November. A better indicator of market health however, is to look at the annual trend, which is up by almost 7% since November of last year. This year-over-year change highlights the continued short supply and strong demand for housing in the region.