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February Market Update 2024

Wednesday, February 7, 2024   /   by Beau Paulsen

February Market Update 2024

Hey there, real estate enthusiasts! Let's take a quick peek at how the market has fared in February 2024.
What's Changed?
Over the past month, we've seen some interesting shifts in key metrics

Median Sales Price:
The median sales price has dropped to $534,500, down almost 3% from last month.

Closed Sales: 
Closed sales have taken a bit of a hit, plunging to just 276 homes sold—a whopping 11% drop from the previous month.

Inventory Levels:
The number of homes available on the market has decreased to 607, showing a 14% decline from last month.

Days to Contract:
On a brighter note, properties are spending less time on the market before getting snapped up. The days to contract have improved, now averaging 36 days, down from 47 days in January.

Price Per Square Foot:
The price per square foot has also seen a decrease, now at $291, down by nearly 4%.

What Does This Mean?
These changes suggest a shifting landscape in the real estate market. While prices have dipped and closed sales have decreased, there are still opportunities for both buyers and sellers. Stay Informed, Stay Wise As we move forward, it's crucial to stay informed about these market trends. Whether you're looking to buy, sell, or invest, understanding the current climate can help you make smarter decisions.

That's it for our market update for January 2024! Be sure to keep an eye out for more insights and analysis in the coming months. Until then, stay informed and make those real estate endeavors count!
The Reade Group | RE/MAX Gold - Midtown
Meka Reade
1401 South Virginia St, Suite 100
Reno, NV 89502

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