Latest Real Estate Market News

Selling a home is a significant milestone in many people's lives. It often involves substantial financial investments and emotional attachment. Naturally, homeowners want to ensure that the selling process goes smoothly, with minimal surprises and setbacks. One way to achieve this is by getting a pre-inspection before listing your home. In this blog, we'll delve into the reasons why a pre-inspection is a crucial step in preparing your home for sale.

The Santa Claus rally of 2022 failed to materialize in our real estate market in December 2022. Our local market faced several stiff headwinds in December including a doubling of the mortgage rates since December 2021, stronger-than-expected winter storms, and of course the holiday season. The month-over-month median home price dropped 5% to approximately $520,000. More importantly, it was the first time in several years that our market actually lost value year over year. THAT IS CORRECT, the median home price is down 4.7% over the last 12 months. Check out our full market podcast below for full details. 👇

In our latest market update, Elena Boland, of Wholesale Mortgage stops by to discuss our market for August 2022. The real estate market in Northern Nevada has slowed over the last few months. The median home price is down to $574,510 for the month of July, which is now off $40,000 from the record median home price of $615,000 that we saw in May 2022. Another sign that the market is cooling is the median days to contract. It is up 300% from last August and is now at 25 days. The days of selling your house in a weekend are officially over. Finally, the monthly supply of inventory has increased sharply to 3.2 months. While we haven't entered into a balanced market, which is when the supply is between 4 to 6 months, we should be there next month.