We have heard a lot of discussion about home prices in Reno. You truly need to look at the price ranges when discussing our home market. Just over 64% of the homes sold in Reno and Sparks homes are under $300,000. Nearly 95 percent of sales this year have been in the price ranges under $600,000. In the month of October, there was a slight percentage decrease of sales for homes in the under $300,000 price range compared to September. There was also a small increase in sales for the $300,001-600,000 price range from September to October. This makes sense as prices continue to rise in our region. The good news is, these increased values are putting more sellers in a positive equity position. This may be you, and if you are ready to move, the time may be right for us to have a conversation about the value of your home.
For homes priced $10,000-$300,000 there were only 36 DAYS of inventory, which is 2 days less than the prior month! For homes in the range of $301,000-$600,000, inventory was just 72 days, or just around 2.4 months. Although inventory has increased slightly since earlier this year, these two price ranges have been in a very strong seller’s market for many months.
However, in the price ranges above $900,000 we have a greater inventory of available homes, and with that we see a shift to more of a buyer’s market. It’s good to note that the National Association of Realtors looks for 5 - 6 months of inventory in a balanced market, where neither seller’s nor buyer’s have a distinct advantage.