Thursday, July 30, 2020 / by Elissa Irwin
Luxury Market Report
Everyone is questioning the market, especially after the lockdown. This is a summary of what the luxury market is looking like in July, from a luxury brokerage perspective.
The Reno single-family luxury market is considered a Balanced Market. Meaning the relative supply of homes reach a 5 or 6 month level.
Homes sold for a median of 95.21% of list price in June 2020.
The most active price band is $1,400,000-$1,549,999, where the sales ratio is 150%. Anything over 100% means the home sold for OVER asking price!
The median luxury sales price for single-family homes has decreased to $1,125,000 in Reno, NV.
The median days on market for June 2020 was 112 days, which is up from 92 in May 2020.