Available listings are up, but you may end up paying more.
Reno/Sparks area REALTORS sold 590 single family homes in July, which was a 4% increase from June 2019, and a 4% increase since July of 2018.
There were 1,321 homes active on the market and available for purchase at the end of July, which was a 4.4% increase from June, and an 11% increase from July 2018. This marks the fourth consecutive month of increases in available inventory. Over two-thirds of the available homes for sale on July 30th were priced below $600,000.
The median sold price for single family homes in Reno/Sparks rose by another percentage point, to $405,000 in July. Year over year, our regional median price has increased a little over 5%. This is the highest median price ever recorded for Reno/Sparks single family homes. “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.
The Average Days on Market for homes sold remained the same as June, at 76 days. Last year at this time, days on market was 9% lower at 70 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.
If you have any questions about this report or would like more information about the real estate market, please reach out.