August 2022 Real Estate Market Update | Reno/Sparks |Market Drifts Lower | Podcast with Guest Host Elena Boland
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.
