Let’s take a look at March’s median sales price data for markets across Northern Nevada.
The table below shows March’s median home sales prices; month-over-month percent change in price; year-over-year percent change price; and number of homes sold. [Note: Click on the column headers to sort by that column.]
Though some markets’ March median sales prices were off from February’s, all markets saw substantial year-over-year gains. Incline Village, NV exhibited the greatest year-over-year increase — coming in with a staggering 122.6 percent gain (See Incline Village / Crystal Bay Market Report – March 2021 for a closer look).
However, keep in mind that the Coronavirus Pandemic initially hit the real estate markets hard in March and April of last year.
If there is an area in Northern Nevada that I have not covered above that you would like to see included, please let me know and I’ll add it.
And, as always, I welcome your comments below.
Related: From the Reno Gazette-Journal: Reno median home price blows past its previous $500,000 record with another new high
The residential sales data in the table above includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS, and Incline Board of REALTORS®, April 11, 2021. Note: This information is deemed reliable, but not guaranteed.
Ryan Navarrete
Thank you Mr. Johnson for the compiled information as the typical home buyer does not always have the time to source out all the detailed metrics listed conveniently above. As builders finish more phases of the dozens of construction projects in the Reno/Spark market, do you expect the home prices to cool off, even slightly? Or would you expect with the intended shift of industry in the local area that the housing demand remains high with a lottery of sorts for new construction as it hits the markets? If a buyer has been through many listings and submitted multiple offers with no luck, would you suggest they sit tight and rent a luxury condo until they can find a seller that is willing to accept on a home of their liking?
Guy Johnson
Hello Ryan. Thank you for your comment and questions. I see no indication of home prices cooling off. Check out Northern Nevada’s projected growth in EDAWN’s revised EPIC Report: https://www.edawn.org/epic-report/