Another month, another record high. Reno and Sparks, Nev. median home sales price hits another all-time record high — now at $405,000!
The median home price in Reno-Sparks, Nevada added an additional $5,000 in July — coming in at $405,000 for the month and setting another new record high. July’s median home price climbed 1.3 percent over June’s previous record-setting median of $400,000.
Year-over-year, July’s median sale price is up 5.2 percent.
Interestingly, while July’s median home price climbed, the median sold price per square foot (PPSF) fell slightly — receding to $218.51/sq.ft. This number is down 0.6 percent from June’s $219.84/sq.ft.
Year-over-year, July’s median sold PPSF is up 1.0 percent.
Homes Sold
The number of homes sold in July rose compared to June’s 567 homes sold. 587 homes sold in July — representing a 3.5 percent increase over June.
Year-over-year, July’s number of homes sold was up 3.5 percent over the 567 homes sold in July 2018.
Year-to-date home sales for 2019 are down 3.5 percent compared to the same period last year — 3,511 vs. 3,635, respectively.
Inventory
Regarding inventory, presently 1,367 homes are available for purchase in the Reno-Sparks market. This number is up 9.2 percent over the 1,252 homes available for sale this time last month. Year-over-year, July’s currently available inventory is up 18.5 percent.
That being said, despite the number of homes currently available for purchase, only 21.7 percent are priced at, or below, the current median sales price. Lack of affordable inventory remains an issue.
Pending sales fell slightly in July. Presently, 906 homes are pending sale in the Reno-Sparks market. That number is down 1.0 percent over the 915 homes pending sale this time last month. However, year-over-year, current pending sales are up a healthy 8.1 percent over the number of pending sales in July 2018.
Days on Market
July’s median days on market (DOM) came in at 60 days — an increase of 5 days over June’s median DOM.
Year-over-year, July’s DOM number is up 7 days over July 2018’s number.
Sales by Type
July sales by type, break out as follows:
- REO sales: 0.2% – down from June’s 1.3%
- Short sales: 0.0% – unchanged from June’s 0.0%
- Subject to Court Approval sales: 1.9% – up from June’s 1.3%
- Relocation sales: 0.2% – down from June’s 0.8%
- Equity sales: 97.8% – up from June’s 96.6%
Sales by Price
July sales by price band, break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % of sales |
| 0 – 99 | 0 | 0.0% |
| 100 – 199 | 3 | 0.5% |
| 200 – 299 | 77 | 13.6% |
| 300 – 399 | 200 | 47.7% |
| 400 – 499 | 148 | 72.9% |
| 500 – 599 | 59 | 83.0% |
| 600 – 699 | 37 | 89.3% |
| 700 – 799 | 24 | 93.4% |
| 800 – 899 | 6 | 94.4% |
| 900 – 999 | 14 | 96.8% |
| 1M+ | 19 | 100% |
| total | 587 |
July’s median sold price for houses and condos combined was $377,823 — a 0.9 percent increase over June’s median sold price of $374,475 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 |
| Jul 2019 | 587 | $405,000 | $218.51 | 60 | 1,367 | 906 |
| Jun 2019 | 567 | $400,000 | $219.84 | 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 |
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 – August 3, 2019. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data back to 1998 click here.
