Median Price Sets Record High

I have some market news to share with you.

Market Report – DOM and Median Price – Reno/Sparks

Let’s take a look at the 6 month trends for Median Price and Days on Market trends in the greater Reno-Sparks area for single family home sales.

“Median” means “in the middle”, so half of homes sold for more and half sold for less. According to the Reno-Sparks Association of REALTORS, the regional median price increased by 2.6% from $390,000 in May to $400,000 in June. There was also a 4.7% increase from June of last year. This is the highest median price for single family homes in Reno/Sparks ever recorded. The relatively low supply and strong demand for housing in our region are expected to keep median price on the rise in the long term.

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The Average Days on Market decreased by 5% from last month to 76 days. These decreases in market time are very typical during the summer peak selling season. For sellers in many neighborhoods and price ranges, buyer demand continues to make this an excellent time to consider selling now. If you are in the market to buy, be sure you are pre-qualified for a home loan before heading out to look.