Median Reno/Sparks Home Price steady at $415k
There were 741 homes active on the market and available for purchase at the end of April, which was a 3.5% increase from March and a 23% decrease from April 2019. Typically, we should have a stronger increase in inventory this time of year. However, not all sellers are comfortable putting their homes on the market at this time.
Reno/Sparks area REALTORS sold 383 single family homes in April, which was a 25% decrease from March and a 28% decrease from April 2019. A decrease was somewhat expected due to the timing of the stay at home orders in Nevada and neighboring states. While the number of sales is down, buyer demand for homes today is relatively strong.
The median sold price for single family homes in Reno/Sparks was $415,000 in April; the same as in March. The regional median price is up by 10% year over year. “Median” means “in the middle”, so half of homes sold for less and half sold for more.
The Average Days on Market for homes sold decreased by 13% to 80 days over the last month. Last year at this time, the time on market was higher at 97 days. The Days on Market that we see today represents a fast paced market, so it is important to be pre-qualified with a lender before looking at homes to buy.
If you have any questions about this report, please reach out to one of our neighborhood experts at Dickson Realty. It would be our pleasure to assist you.