2016 proved to be a great year for the Reno and Sparks, Nevada housing market. Nearly every housing metric was positive compared to the year prior. Let’s look at a few…
Median Sales Price
Though the area saw home prices flatten in the latter part of the year, the 2016 median home price for Reno-Sparks was up 8.9 percent year-over-year.
- 2016 median sales price: $304,990
- 2015 median sales price: $280,000
- change: Up 8.9 percent in 2016
Number of Homes Sold
Nearly every month of 2016 saw a year-over-year increase in home sales. By the end of the year more than 230 additional homes had been sold than sold in 2015.
- 2016 units sold: 6,557
- 2015 units sold: 6,325
- change: Up 3.7 percent in 2016
Total volume is the sum of the sale prices of all the homes sold for the year. With 2016 seeing more houses sold, and for higher sale prices, than in 2015, one would expect that total sales volume would also be up for the year. 2016 did not disappoint — its sales volume was up 8.8 percent over 2015’s.
- 2016 sales volume: $2,270,818,668
- 2015 sales volume: $2,087,429,650
- change: Up 8.8 percent in 2016
Days on Market
Days on market (DOM) is a cyclical number that varies monthly based on buyer demand and seasonality, as well as other factors. Looking at the year as a whole, the median DOM for homes sold in 2016 was 68 days. [Btw, DOM measures the total days on market from listed date to sold date.]
- 2016 DOM: 68
- 2015 DOM: 62
- change: Up six days over 2015
Increasing sale prices oftentimes incentivizes homeowners to place their own home on the market. This is one factor that contributed to the higher number of homes that were listed in 2016 — up 7.7 percent over 2015.
- 2016 listings: 8,027
- 2015 listings: 7,453
- change: up 7.7 percent in 2016
Though the Reno-Sparks median sales price is closer to $300,000, the market also has its share of homes that sell for $1,000,000, and above. 2016 saw a slight increase over 2015 in the number of such sales.
- 2016 $1M+ sales: 94
- 2015 $1M+ sales: 92
- change: Up 2.2 percent in 2016
Thank you for reading the Reno Realty Blog. Check back throughout the year for for monthly market reports and other news.
Note: The home price and sales data reported above covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Residential data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – January 6, 2017. Note: This information is deemed reliable, but not guaranteed.