Our local real estate market shows a leveling trend in median sales price. Since March of this year, median price in Reno/Sparks has hovered in the $370 to $375K range, except during the summer months, when it reached a high of $389,000. Also of note: Overall, Month’s Supply of Inventory* (at 3.1) is at a four-year high, but remains a Seller’s Market. Price is still a factor: Properties priced below $500,000 are at 2.4 MSI; properties priced $500,000 and above are at 5.7 MSI, creeping up compared to previous months. Properties priced above $1 million are at 9.7 MSI*, a Buyer’s Market.
*(Month’s Supply of Inventory is the time it would take to exhaust the active and pending inventory at the current rate of sales.)
See all the details, plus brief info about our upcoming Nevada Day in our complete report: 10 2018 Market Report