According to yesterday’s story in the Reno-Gazette Journal, Reno median home price hits all-time high, Sparks getting closer, Reno, Nevada’s median home price has now passed the record high set in 2006.
Now before you say, “Wait, just last week you wrote that ‘Currently, Reno-Sparks home prices are off just 2.1 percent from the housing bubble high of $365,000 set in 2006’, please allow me to clarify. Frequent readers of this blog know that my Monthly Market Report reports on various real estate metrics for Reno and Sparks, Nevada combined. In the RGJ piece referenced above July’s median sales prices were calculated separately for Sparks and Reno.
When looking only at Reno (and not including Sparks), it is correct that the median sold price for a house (stickbuilt, not including condos or townhouses) has surpassed the record bubble high.
Here are the current numbers and previous record highs (as of this morning)…
|Area||July 2017 Median Sold Price||Previous Record Median||% Change|
|Reno, NV||$385,000||$378,500 (August 2005)||+1.7%|
|Sparks, NV||$318,500||$346,000 (September 2005)||-7.9%|
|Reno-Sparks combined||$355,000||$365,000 (January 2006)||-2.7%|
Note: The median home price data reported in the table above covers the cities of Reno, Nevada [NNRMLS Area #101]; Sparks, Nevada [NNRMLS Area #108]; and Reno-Sparks combined [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 – July 10, 2017. Note: This information is deemed reliable, but not guaranteed.