Highest median home price ever recorded in Reno/Sparks - expected to rise even more.
Reno/Sparks area REALTORS sold 557 single family homes in June, which was an 18% decrease from May and a 7.5% decrease since June of last year.
There were 1,265 homes active on the market at the end of June, which was a 9% increase from May, and a 17% increase from June 2018. This marks the third consecutive month of increases in available homes for purchase. Over two-thirds of the available homes for sale on June 30th were priced below $600,000.
The median sold price for single family homes in Reno/Sparks rose by another 2.6% in June, to $400,000. This is the highest median price ever recorded in the region. “Median” means “in the middle”, so half of homes sold for less and half sold for more. An annualized upward trend in median price is expected for the foreseeable future.
Average Days on Market for homes sold decreased to 76 days in June. Last year at this time, days on market was 12% lower at 68 days. The Days on Market that we see today represents a fast paced market. It is important to be pre-qualified with a lender before looking at homes to buy. Pre-qualification will help ensure you are prepared to make an offer when you find the perfect house to call home.