There’s no change – this month the demand for affordable housing in Reno is still high. In the last month in Reno/Sparks we have sold 765 homes, with 1,127 active listings.
To exhaust the inventory it would take only 1.5 months, but in a balanced market it would require about 4-7 months of inventory. This obvious skew is likely because we have 170 listings in the $1M+ market range.
In the last year we’ve sold 138 homes that were $1M+. The average days on market for them were 230 days. The buyers market is in the $1M+ range. All sellers of these pricey homes are taking a haircut to sell them!
The good solid sellers market is $750K or less, assuming the home is priced well and in good shape. That balanced market is $750K-1M.
Are you looking to buy or sell your next home? Give me a call today! 775-544-6400.
Not ready to take the leap? Check out my listings here.