At the end of May the median price for single family homes in the Reno-Sparks housing market reached a new high at $390,000. To put this in perspective, the median price topped out at $350,000 in 4th quarter 2005 which was the all time high before the market declined to an all time low of $150,000 median price point. You can definitely say our market is going strong.
If you take a closer look, there are still areas of the Reno-Sparks market that are more affordable. Here are some median home prices by area:
- All Sparks/Spanish Springs – $351,000
- All North Valleys – $299,900
Inventory of homes for sale is also up. Available homes for sale at the end of May was up 35.2% over May 2018. More homes for sale has lead to more sales as well. There were 651 single family homes sold in May. This is up 13.2% from May 2018.
We have seen a very strong Spring selling season. With sales typically peaking in June it will be interesting to see if we sales strong through the Summer this year due to this increase in available listings, as well as favorable interest rates.
If you or someone you know is considering buying or selling in the Reno-Sparks area the Shocket Team can show you the market in the neighborhoods you might be interested in. Contact us today. 775-815-7627