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 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]…
| 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.
