By December 20th, the median price for the Reno-Sparks region was $292,000, which matches even with the median price for November, even as we have several more days left in the month. It is good for property sellers to see the median price tick back in the upward direction after a slight decline in August through October. Also good to note is this current measurement for median price is 11 percent higher than the same point last year.
The average Days on Market also seemed to temporarily level out, marking 97 by December 20th. This metric started to peak in October with an average days on market of 99. It is typical for Days on Market to increase this time of year, but with the continued low housing inventory and high demand, we may buck that trend this winter.
Our local market has remained consistently in a seller’s market for more than two years. Although the Federal Reserve slightly raised its interest rate earlier this month, mortgage rates are expected to remain at historic lows for another few months. For those sellers who have equity as a result of the increase in property values, the time may be right for us to talk about your options.