Reno Sparks Real Estate Market Statistics for July 2017

Monthly market statistics have recently been released by RSAR (Reno Sparks Association of Realtors) through July 2017.  Homeowners will be pleased to know that our median price is up to $357,500.  That is just 2% below the peak in January 2005!  Inventory conditions also are strongly in Sellers favor, with only 1.6 months of inventory on market (a balanced market is generally considered approx. 6 months of inventory).  While this is great news for owners and sellers, it certainly makes things difficult for buyers.  High valuations are making affordability a real concern for the Reno real estate market many in the buyer pool, and decreasing inventory is making the market very competitive.