September Market Report for Reno and Sparks, Nevada

Reno-Sparks’ home prices pull back slightly in September; Homes sold set a record high!

September’s median sold home price for Reno-Sparks fell to $440,000 — a 1.1 percent pullback from August’s record setting $444,900 median sold price.

Year-over-year, September’s median closed sales price was up 11.4 percent.

September’s median sold price per square foot (PPSF) shot up to $240.24/sq.ft. Not only is that number a 5.4 increase over August’s sold PPSF of $228.19/sq.ft, but also sets a new record high for sold price per square foot.

Year-over-year, September’s median sold PPSF is up 10.2 percent.

Homes Sold

Home sales were through the roof in September! 678 homes sold for the month – setting an all-time high number of sales for the month of September. [Incidentally, the September with the next highest number of sales occurred in 2016 when 633 homes were sold that month.]

The 678 homes sold in September represents a 3.5 percent increase over the number of homes sold in August — which, itself, also saw an unusually strong number of sales. And, year-over-year, September home sales were up a whopping 17.1 percent!

Year-to-date home sales are now up 1.3 percent from the same period last year. Note, this is the first month this year, since the Coronavirus pandemic’s negative impact on home sales in March and April, that YTD home sales have exceeded the same period for 2019.

Inventory

Currently 432 homes are available for purchase in the Reno-Sparks market. This number is down 7.7 percent from the 468 homes available for sale this time last month.

And year-over-year, current available inventory is down a whopping 46.9 percent!

Pending sales receded in September — mainly due to lack of available inventory. Presently, 1,013 homes are pending sale in the Reno-Sparks market. That number represents a 5.1 percent decrease from the 1,068 homes pending sale this time last month.

However, year-over-year, pending sales are up 24.4 percent. Expect unseasonably high number of sales for the months of October and November.

Days on Market and Days to Contract

September’s median days on market (DOM) fell to just 49 days — a decrease of 5 days from August’s median DOM; and a year-over-year decrease of 19 days from September 2019’s DOM. These numbers show the velocity the current market.

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

Sales by Type

September sales by type, break out as follows:

  • REO sales: 0.3% – down from August’s 0.5%
  • Short sales: 0% – unchanged from August’s 0%
  • Subject to Court Approval sales: 1.2% – up over August’s 0.2%
  • Relocation sales: 0.6% – unchanged from August’s 0.6%
  • Equity sales: 97.9% – down from August’s 98.8%

Sales by Price

September 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 29 4.3% 4.6%
300 – 399 207 30.5% 35.1%
400 – 499 197 29.1 64.2%
500 – 599 104 15.3 79.5%
600 – 699 46 6.8% 86.3%
700 – 799 25 3.7% 90.0%
800 – 899 17 2.5% 92.5%
900 – 999 12 1.8% 94.3%
1M+ 39 5.8% 100%
total 678 100%

September’s median sold price for houses and condos combined was $420,000 — a 1.2 percent increase over August’s median sold price of $415,000 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
Sep 2020 678 $440,000 $240.42 49 432 1,013
Aug 2020 655 $444,900 $228.19 54 468 1,068
Jul 2020 748 $433,160 $229.14 57 588 1,037
Jun 2020 564 $407,000 $222.09 58 688 1,062
May 2020 403 $399,900 $222.43 57 720 1,048
Apr 2020 392 $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

Please post your comments and questions below, and thank you for reading this post.


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 – October 4, 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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