Days on Market & Median Price Report - Reno/Sparks
There’s a slight cooling in our local real estate market, but demand for housing in the Reno/Sparks region remains strong, and market times continue at a fast pace. Although our market is beginning to experience an uptick in standing inventory and we have more price reductions on listings, we believe getting back to normal market conditions is healthy for buyers and sellers. Keep reading for the latest market details from the experts at Dickson Realty.
When discussing median price, median means “in the middle”, so half of homes sold for more and half sold for less. The median price in the Reno/Sparks area decreased by $15,000 (or 2.4%) to $600,000 over the last month. Despite the monthly decrease, median price is up by 13% year-over-year. We expect prices to stabilize a bit more with interest rates rising, more homes being listed, and market times extending. As of July 25th, the median price for sales in the month of July is $580,000, but activity in the final days of the month may change this number up or down somewhat.
On average, homes went into contract in 14 days from the time they were listed for sale in June. Average Days on Market is the time from original listing until closed sale, including the time in escrow. In June, Average Days on Market increased by 6.8% to 63 days. These are fast market times despite the fact that last year at this time, Days on Market was 12.5% lower than today, at 56 days. So far through July 25th, the average days on market for July is at 66 days. The speed of our market represents challenges for buyers, but should not deter anyone looking to purchase a home. As more houses come on the market during our peak selling period, we expect the average days on market to increase somewhat.