Reno-Sparks median sales price jumps nearly 8% in March reaching an all-time high of $485,000!
After holding steady in the $450,000 range for the past three months, the median sold home price for Reno-Sparks broke out in March rocketing to $485,000 — setting a new all-time high for the metric. March’s median sales price was up 7.8 percent over February, and up 16.9 percent year-over-year.
March’s median sold price per square foot (PPSF) increased to $261.80/sq.ft. — also setting a new all-time high for this metric.
March’s median sold PPSF was a 1.3 percent increase over February’s sold PPSF of $258.42/sq.ft. Year-over-year, March’s median sold PPSF is up a whopping 18.1 percent!
Homes Sold
457 homes sold in March. This number was up a robust 19.0 percent over the 384 homes sold in February.
However, year-over-year, March’s home sales were down a notable 11.8 percent — primarily due to extremely low inventory.
Inventory
Currently only 226 homes are available for purchase in the Reno-Sparks market — representing a mere two-week supply of homes for sale. The current available inventory is down 12.1 percent from this time last month, and down a whopping 70.8 percent year-over-year.
And the picture becomes even bleaker when one looks at the available inventory of homes priced at, or below, the current median sales price of $485,000. Currently only 77 homes (34.1 percent) are priced at, or below, the median sales price in the Reno-Sparks market.
Surprisingly (given the dismal inventory), 768 homes are presently pending sale in the Reno-Sparks market. That number is up 10.0 percent over February’s 698 pending sales this time last month, and is up 16.7 percent year-over-year.
Days on Market and Days to Contract
March’s median days on market (DOM) came in at 41 days — a two-day reduction from February’s median DOM of 43 days. Year-over-year, March’s DOM is a whopping 15 days lower than March 2020’s DOM. These numbers show the velocity the current market.
March’s median days to contract (DTC) came in at 4 days — unchanged from February’s median DTC. Year-over-year, March’s DTC number is 1 day lower than March 2020’s 5 DTC.
Sales by Type
March sales by type, break out as follows:
- REO sales: 0.7% – up from February’s 0.5%
- Short sales: 0.2% – down from February’s 0.3%
- Subject to Court Approval sales: 2.0% – up from February’s 1.3%
- Relocation sales: 0.2% – down from February’s 0.7%
- Equity sales: 96.9% – down from February’s 97.1%
Sales by Price
March sales by price band break out as follows…
| sales price ($000’s) | units sold | % of sales | cumulative % of sales |
| 0 – 99 | 0 | 0.0% | 0.0% |
| 100 – 199 | 0 | 0.0% | 0.0% |
| 200 – 299 | 10 | 2.2% | 2.2% |
| 300 – 399 | 105 | 23.0% | 25.2% |
| 400 – 499 | 133 | 29.1% | 54.3% |
| 500 – 599 | 70 | 15.3% | 69.6% |
| 600 – 699 | 45 | 9.8% | 79.4% |
| 700 – 799 | 35 | 7.7% | 87.1% |
| 800 – 899 | 11 | 2.4% | 89.5% |
| 900 – 999 | 10 | 2.2% | 91.7% |
| 1M – 1.5M | 20 | 4.4% | 96.1% |
| 1.5M+ | 18 | 3.9% | 100% |
| total | 457 | 100% |
March’s median sold price for houses and condos combined was $447,000 — a 7.2 percent increase over February’s median sold price of $416,900 for combined sales of houses and condos. Year-over-year, March’s number is up 14.9 percent.
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 |
| Mar 2021 | 457 | $485,000 | $261.80 | 41 | 226 | 768 |
| Feb 2021 | 384 | $450,000 | $258.42 | 43 | 257 | 698 |
| Jan 2021 | 377 | $449,900 | $253.12 | 54 | 167 | 628 | Dec 2020 | 554 | $449,800 | $251.44 | 50 | 218 | 621 |
| Nov 2020 | 606 | $452,520 | $242.69 | 52 | 278 | 797 |
| Oct 2020 | 630 | $455,500 | $237.11 | 50 | 385 | 979 |
| Sep 2020 | 699 | $440,000 | $239.25 | 49 | 432 | 1,013 |
| Aug 2020 | 658 | $442,450 | $228.32 | 54 | 468 | 1,068 |
| Jul 2020 | 750 | $433,160 | $229.14 | 57 | 588 | 1,037 |
| Jun 2020 | 565 | $407,000 | $223.21 | 58 | 688 | 1,062 |
| May 2020 | 404 | $399,900 | $222.46 | 57 | 720 | 1,048 |
| Apr 2020 | 392 | $415,500 | $219.95 | 51 | 812 | 697 |
| Mar 2020 | 518 | $415,000 | $221.74 | 56 | 774 | 658 |
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 – April 3, 2021. 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.
Related:
- from KOLO NewsNow 8: Reno ranked one of the least affordable cities by real estate site
- from Reno Gazette Journal: Housing analysis names Reno among the least affordable cities in the country
