Reno and Sparks, Nev. median home sales price hits another all-time record high — now at $400,000!
Wow! The median home price in Reno-Sparks, Nevada jumped to another new record high — coming in at $400,000 for June. June’s median home price climbed 2.6 percent over May’s median of $390,000.
Year-over-year, June’s median sale price is up 4.7 percent.
June’s median sold price per square foot (PPSF) also set a new record high — coming in at $220.49/sq.ft. This number is up 0.1 percent over May’s $220.20/sq.ft.
Year-over-year, June’s median sold PPSF is up 2.1 percent.
Homes Sold
The number of homes sold in June fell compared to May’s record-setting 681 homes sold. 544 homes sold in June — representing a whopping 20.1 percent drop from May.
Year-over-year, June’s number of homes sold was down 9.6 percent from the 602 homes sold in June 2018.
Year-to-date home sales for 2019 are down 5.8 percent compared to the same period last year.
Inventory
Regarding inventory, presently 1,252 homes are available for purchase in the Reno-Sparks market. This number is up 7.7 percent over the 1,163 homes available for sale this time last month. Year-over-year, June’s currently available inventory is up 35.6 percent.
That being said, despite the number of homes currently available for purchase, only 30.0 percent are priced at, or below, the current median sales price. Lack of affordable inventory remains an issue.
Pending sales rose slightly in June. Presently, 915 homes are pending sale in the Reno-Sparks market. That number is up 0.4 percent over the 911 homes pending sale this time last month. Year-over-year, current pending sales are up 1.0 percent over the number of pending sales in June 2018.
Days on Market
June’s median days on market (DOM) came in at 55 days — an increase of 1 day over May’s median DOM.
Year-over-year, June’s DOM number is up 5 days over June 2018’s number.
Sales by Type
June sales by type, break out as follows:
- REO sales: 1.3% – up from May’s 1.2%
- Short sales: 0.0% – down from May’s 0.3%
- Subject to Court Approval sales: 1.3% – up from May’s 0.8%
- Relocation sales: 0.8% – up from May’s 0.6%
- Equity sales: 96.6% – down from May’s 96.9%
Sales by Price
June sales by price band, break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % of sales |
| 0 – 99 | 1 | 0.2% |
| 100 – 199 | 8 | 1.7% |
| 200 – 299 | 71 | 14.7% |
| 300 – 399 | 191 | 49.8% |
| 400 – 499 | 127 | 73.2% |
| 500 – 599 | 46 | 81.6% |
| 600 – 699 | 31 | 87.3% |
| 700 – 799 | 19 | 90.8% |
| 800 – 899 | 12 | 93.0% |
| 900 – 999 | 10 | 94.9% |
| 1M+ | 28 | 100% |
| total | 544 |
Wow! 28 homes sold for $1M, or more, during the month of June.
June’s median sold price for houses and condos combined was $375,000 — a 2.7 percent increase over May’s median sold price of $365,000 for combined sales of houses and condos.
The table below contains the past 13 months of data[1]…
| Month Year | # Sold | Median Sold Price | Sold Price per Sq Ft | Median DOM | # of Actives | # of Pendings |
| Jun 2019 | 544 | $400,000 | $220.49 | 55 | 1,252 | 915 |
| May 2019 | 681 | $390,000 | $220.20 | 54 | 1,163 | 911 |
| Apr 2019 | 531 | $375,000 | $213.73 | 65 | 996 | 923 |
| Mar 2019 | 458 | $369,000 | $207.92 | 78 | 867 | 815 |
| Feb 2019 | 362 | $372,150 | $208.84 | 89 | 888 | 774 |
| Jan 2019 | 325 | $362,000 | $210.44 | 86 | 961 | 655 |
| Dec 2018 | 385 | $365,000 | $209.82 | 77 | 1,079 | 541 |
| Nov 2018 | 469 | $377,500 | $211.75 | 71 | 1,237 | 634 |
| Oct 2018 | 468 | $385,000 | $213.86 | 65 | 1,300 | 717 |
| Sep 2018 | 460 | $372,527 | $210.74 | 60 | 1,333 | 725 |
| Aug 2018 | 572 | $370,725 | $211.79 | 57 | 1,208 | 790 |
| Jul 2018 | 567 | $385,000 | $216.37 | 53 | 1,154 | 838 |
| Jun 2018 | 602 | $381,950 | $215.88 | 49 | 923 | 906 |
Thank you for taking the time to read this market report. As always, your comments and questions are welcomed.
1. The medians table above is updated on a monthly basis. The median home price data reported 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 – July 3, 2019. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data back to 1998 click here.
C
Whyyyy would you pay $400,000 to live in Reno???