New Record for Median Home Price
There were 556 homes active on the market and available for purchase at the end of July, which was an 15% decrease from June and a 58% decrease from July 2019. Typically, we should have an increase in inventory this time of year as people move over the summer months. However, some sellers are still not comfortable putting their homes on the market at this time. At Dickson Realty, we have adapted our showing protocols to allow for the safe viewing of homes, either online or in-person.
Reno/Sparks area REALTORS sold 729 single family homes in July, which was a 31% increase from June, and a 21% increase from July 2019. This is the fourth consecutive month of increase in home sales since Covid-19 impacted our local area.
The median sold price for single family homes in Reno/Sparks was $435,000 in July which is a 7.4% increase from June. The regional median price is up by 7.1% 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 slightly decreased to 76 days over the last month. Last year at this time, the days on market was about the same at 77 days. The Days on Market that we see today represents a very fast paced market, so it is important to be pre-qualified with a lender before looking at homes to buy.