Realty by Jessica

Market snapshot for October 2023 vs September 2023 shows little movement in Reno's median sales price, but remains up over 7% from Oct 2022. The market is still facing incredibly low inventory, down almost 38% from this time last year, and continuing the downward seasonal trend with almost 10% less active inventory than last month. With a dip in interest rates, we could see the pent up demand rush the market followed by an uptick in sales prices. Don't sit on the sidelines and wait, work with your lender and Realtor to understand your current buying power.

Reno Real Estate update for August 2023! Prices are holding strong, although inventory shows a slight uptick from last month, we're still down over 35% from this same month last year. Days to contract remains low at only 17 days - this is being held low due to those properties that are priced right, good condition and good location -they are still selling within a matter of days & some with multiple offers. Price and presentation of your home remain very important to attract buyers. Demand remains at a higher level than pre-pandemic 'normal' levels. Price your home right from the start!

Supply of homes still low! When you compare the orange bars for 2023 with the last normal years for the housing market (2017-2019), you can see the count of active listings is still far below the norm. Buyers have fewer choices now than they did in more normal years, and that’s continuing to impact some key statistics in the housing market. When supply is so low, your house is going to be in the spotlight. That’s why sellers are seeing their homes sell a little faster and get more offers right now. If you’ve thought about selling, now’s the time to make a move.