March 2021 Market Report for Reno and Sparks, Nevada

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 by Price Segment
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]

Past 13 Months of Home Sales Data
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.

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