March Market Update

The market is HOT, with no signs of cooling off anytime soon. As we head into spring and summer, expect to see more bidding wars, more properties selling for above list price and more tension on our already short inventory.

Year over year, we've seen the average home price rice 14.6% year over year ($393,000 last year to $450,000 today). While this level of appreciation is not typical - it is a result of our current market conditions. Reno has been rated as one of the top cities to live in by Forbes, and Best Cities & Livability - it’s no wonder we’re on the rise popularity wise. With more and more people working from home during the pandemic and for the foreseeable future, more people are flocking to new places.

Our lack of inventory is partially to blame for this crazy market - supply is down 66.8% year over year. Inventory was short in comparison to the demand prior to the pandemic, but now it’s an even tighter squeeze. Our market is an example of the principles of supply and demand being well at work - with inventory being low, and demand being high, it’s causing home prices to rise.

The short inventory supply has also led to a drop in days to contract of 3.2% month over month. On average, we’re seeing properties last less than a month on the market before going under contract. To all buyers, be ready to move FAST & sellers, start packing before you list!

Want to know more about the market conditions, or have questions about whether it might be the right time to sell or buy? Let's chat!