Reno-Sparks Average Home Prices Fall as Inventory and Loan Rates Rise
By TheNevadaGlobeStaff, November 2, 2022 11:35 am
RENO, Nev. (775 Times, NV Globe)- For years, the housing market has been heating up, but industry insiders say it is finally cooling.
Higher availability and lower median house prices in the Reno-Sparks area mean buyers have a bit more breathing room. As of September 2022, the typical house price in Reno is $535,000, down from $615,000 in May.
There are presently over 1,300 properties on the market, nearly doubling from near-record lows earlier this year.
According to industry experts, the one thing purchasers should watch out for this year is increasing borrowing costs as the Federal Reserve continues to raise interest rates.
“Buyers are still out there, and now they can take a little bit more time to think about it,” said Sarah Sharkey, President of the Reno-Sparks Association of Realtors, “but that also means as realtors, it’s time to sharpen our pencils and negotiation is back into play.”
Homes stayed on the market for an average of 38 days in September, and that figure is likely to rise to 40-45 days in October as the market cools.
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