April 2021 Market Report for Reno and Sparks, Nevada

Reno-Sparks median sales price continues to climb – edging closer to $500,000

After March’s nearly 8 percent breakout in the median sales price, April saw a continued rise in the median home price — coming in at $494,000, and setting another new all-time high for the metric. April’s median sales price was up 1.9 percent over March, and up 18.9 percent year-over-year.

April’s median sold price per square foot (PPSF) increased to $272.78/sq.ft. — also setting a new all-time high for this metric.

April’s median sold PPSF was a 4.0 percent increase over March’s sold PPSF of $262.18/sq.ft. Year-over-year, April’s median sold PPSF is up a whopping 24.0 percent! The sold PPSF is increasing at a faster rate than the median sales price.

Homes Sold

A remarkable 575 homes sold in April. This number was up a robust 22.6 percent over the 469 homes sold in March. This increase is noteworthy given the extremely low inventory.

Year-over-year, April’s home sales were up a whopping 46.7 percent. However, keep in mind that a year ago home sales dropped off precipitously due to the coronavirus pandemic.

Inventory

Currently only 211 homes are available for purchase in the Reno-Sparks market — representing a mere 11-day supply of homes for sale. The current available inventory is down 6.6 percent from this time last month, and down a whopping 74.0 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 $494,000. Currently only 48 homes (22.7 percent) are priced at, or below, the median sales price in the Reno-Sparks market.

Surprisingly (given the dismal inventory), 778 homes are presently pending sale in the Reno-Sparks market. That number is up 1.3 percent over March’s 768 pending sales this time last month, and is up 11.6 percent year-over-year.

Days on Market and Days to Contract

April’s median days on market (DOM) came in at 41 days — a one-day reduction from March’s median DOM of 42 days. Year-over-year, April’s DOM is 10 days lower than April 2020’s DOM. These numbers show the velocity the current market.

April’s median days to contract (DTC) came in at 4 days — unchanged from March’s median DTC, and also unchanged year-over-year.

Sales by Type

April sales by type, break out as follows:

  • REO sales: 0.3% – down from March’s 0.7%
  • Short sales: 0.2% – unchanged from March’s 0.2%
  • Subject to Court Approval sales: 1.6% – down from March’s 2.0%
  • Relocation sales: 0.5% – up over March’s 0.2%
  • Auction sales: 0.2% – up over March’s 0%
  • Equity sales: 97.2% – up over March’s 96.9%

Sales by Price

April 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 18 3.1% 3.1%
300 – 399 111 19.3% 22.4%
400 – 499 165 26.6% 51.1%
500 – 599 107 18.6% 69.7%
600 – 699 68 11.8% 81.5%
700 – 799 29 5.0% 86.5%
800 – 899 18 3.1% 89.7%
900 – 999 8 1.4% 91.1%
1M – 1.5M 28 4.9% 96.0%
1.5M+ 23 4.0% 100%
total 575 100%

April’s median sold price for houses and condos combined was $461,500 — a 2.9 percent increase over March’s median sold price of $449,000 for combined sales of houses and condos. Year-over-year, April’s number is up 15.3 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
April 2021 575 $494,000 $272.78 41 211 778
Mar 2021 469 $485,000 $262.18 42 226 768
Feb 2021 386 $450,000 $258.20 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

1. The residential housing market data reported on above covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Market data includes SFR (Single Family Residence) properties only. Data excludes Condo/Townhouse, Manufactured/Modular properties. Data courtesy of the Northern Nevada Regional MLS – May 6, 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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