Reno/Sparks Home Market at a Glance.
There were 1,119 homes active on the market and available for purchase at the end of October, which was a 12.4% decrease from September and a 20% decrease from October 2018. Over two-thirds of the available homes for sale on September 30th were priced below $600,000.
Reno/Sparks area REALTORS sold 556 single family homes in October, which was a 3.8% decrease from September 2019 and a 19% decrease from October of 2018. It is typical this time of year to see the number of sales start to decrease, and we expect fewer sales when inventory numbers are down as well.
The median sold price for single family homes in Reno/Sparks increased by 1.3% to $399,995 in October. The regional median price is also up by 3.9% year over year. “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 increased by 10.5% to 95 days over the last month. Last year at this time, days on market was nearly 20% lower at 80 days. The Days on Market that we see today still represents a fast paced market, so it is important to be pre-qualified with a lender before looking at homes to buy, and 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.