Demand for housing in the Reno/Sparks region is strong, which is keeping upward pressure on home prices, while market times remain fast. Here’s the latest info 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. According to the Reno-Sparks Association of REALTORS, the regional median price increased from April to May by 2%, to $501,000. This is the first time the median price for single-family homes has surpassed the $500,000 milestone in the region. Year-over-year, median price is up by over 25%, and we expect it to continue trending up in the coming months, but likely at a slower pace.