There’s a slight cooling in the national real estate market, but demand for housing in the Reno/Sparks region remains strong, and market times continue at a relatively 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 news 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. As of the end of September, the median price in the Reno/Sparks area decreased by $33,250 (or 5.9%) to $531,750 when compared to August. Though the monthly decrease was significant, a better measure is the annual change in median price, which is only down 0.6% year-over-year. We expect prices to stabilize fairly soon as more listings come to market and on-market times head closer to the normal mark. As of October 24th, the median price for sales in the month of October is $548,999 but activity in the final week of the month may change this number up or down