Reno-Sparks Home Market Stays Strong
Reno/Sparks area REALTORS sold 444 single family homes in July, which was a 25% decrease from June and a 34% decrease in sales compared to this time last year.
In July, the number of available homes remained about the same since June but is down by about 10% when compared to July of last year. With fewer listings year over year and continued growth in the region, the economics of supply and demand are impacting the median price and days on market.
The median sold price for single family homes in Reno/Sparks increased by over $12,000 to $394,456 in July and increased by over $42,000 since July of 2017. An upward trend in median price is expected to continue for the foreseeable future. “Median” means “in the middle”, so half of home sold for less and half sold for more.
Average Days on Market for homes sold increased slightly by 1 day in July to 71 days. Just last year, it was over 14% higher at this time.
If you are trying to buy or sell in a highly competitive market like we have today, we should talk so I can help you buy or sell at the best price.