July median sales price and other market metrics

Despite the pandemic Reno-Sparks home sales surge in July; Median sales price hits an all-time new high

July’s median sold home price for Reno-Sparks rocketed to $435,000! Not only was this a whopping 7.4 percent increase over June’s median sales price, but also July’s median sets an all-time record high for our market.

Year-over-year, July’s median closed sales price is up 7.1 percent.

July’s median sold price per square foot (PPSF) increased as well — coming in at $230.41, or 2.9 percent up over June’s $223.98/sq.ft.

Year-over-year, July’s median sold PPSF is up 6.0 percent.

Homes Sold

Home sales surged as well — coming in at 723 units sold for the month. The number of homes sold in July was 29.8 percent higher than the 557 homes sold in June.

Year-over-year, July’s home sales were up an impressive 18.9 percent from the 607 homes sold in July 2019.

Year-to-date home sales are down 2.9 percent from the same period last year.

Inventory

Currently 588 homes are available for purchase in the Reno-Sparks market. This number is down 14.5 percent from the 688 homes available for sale this time last month.

Year-over-year, current available inventory is down a whopping 57.0 percent!

Pending sales declined in July. Presently, 1,037 homes are pending sale in the Reno-Sparks market. That number represents a 2.4 percent decrease from the 1,062 homes pending sale this time last month.

Year-over-year, pending sales are up 14.5 percent.

Days on Market and Days to Contract

July’s median days on market (DOM) came in 57 days — a decrease of 1 day from June’s median DOM. Year-over-year, July’s DOM number is down 3 days from July 2019’s number.

July’s median days to contract (DTC) came in at 5 days — unchanged from June’s median DTC. Year-over-year, July’s DTC number is unchanged from July 2019’s number.

Sales by Type

July sales by type, break out as follows:

  • REO sales: 0.8% – up over June’s 0.6%
  • Short sales: 0% – down from June’s 0.2%
  • Subject to Court Approval sales: 0.6% – down from June’s 1.5%
  • Relocation sales: 0.3% – down from June’s 0.7%
  • Equity sales: 98.3% – up over June’s 97.0%

Sales by Price

July sales by price band break out as follows…

Sales by Price Segment
sales price ($000’s) units sold % of sales cumulative % of sales
0 – 99 0 0.0% 0.0%
100 – 199 2 0.3% 0.3%
200 – 299 52 7.2% 7.5%
300 – 399 221 30.1% 38.0%
400 – 499 210 29.0% 67.1%
500 – 599 84 11.6% 78.7%
600 – 699 60 8.3% 87.0%
700 – 799 27 3.7% 90.7%
800 – 899 21 2.9% 93.6%
900 – 999 12 1.7% 95.3%
1M+ 34 4.7% 100%
total 723 100%

July’s median sold price for houses and condos combined was $408,710 — a 4.9 percent increase over June’s median sold price of $389,617 for combined sales of houses and condos.

The table below contains the past 13 months of data[1]

Past 13 Months of Home Sales Data
Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Jul 2020 722 $435,000 $230.41 57 588 1,037
Jun 2020 557 $405,000 $223.98 58 688 1,062
May 2020 404 $399,900 $222.37 57 720 1,048
Apr 2020 390 $415,500 $219.95 51 812 697
Mar 2020 514 $415,000 $221.44 56 774 658
Feb 2020 459 $392,500 $211.63 78 587 816
Jan 2020 393 $405,000 $216.01 88 621 712
Dec 2019 518 $393,500 $216.29 81 779 541
Nov 2019 455 $400,000 $216.54 72 956 683
Oct 2019 563 $399,999 $216.61 76 1,090 773
Sep 2019 579 $395,000 $218.24 68 1,283 814
Aug 2019 623 $399,000 $213.78 64 1,342 898
Jul 2019 607 $406,000 $217.39 60 1,367 906

Thank you for taking the time to read this market report. As always, your comments and questions are welcomed.


1. The “Past 13 Months of Home Sales Data” 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 5, 2020. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data dating back to 1998 click here.

Click here to see Reno Homes for Sale.

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About Guy Johnson

I am a licensed Nevada REALTOR® (lic.# S.0075262.LLC) living and working in fabulous Reno, Nevada. I cover Reno, Sparks, Incline Village, Carson City, and beyond. Give me a call at 775-722-4011 and I will be happy to assist you with your real estate needs. I'm your Guy!
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