How does the nation’s competitive housing market compare to Reno, NV’s?

A recent housing market report released by real estate brokerage Redfin shows just how competitive the housing market is across the country. [See: Housing Market Update: New Records Set for Prices, Competition and Speed – May 7, 2021]

The Redfin analysis covers 400+ U.S. metro areas for the four-week period ending May 2, 2021. At the national level, many housing market metrics hit record levels during this period, according to the report.

To see how the Reno-Sparks housing market compares to the national housing market, I analyzed each of the metrics outlined in the Redfin report for the Reno-Sparks, NV market. I pulled data for the same four-week period ending May 2 used in the Redfin analysis.

Let’s take a look at the numbers…

Median home sale price

From Redfin [nationally]: “A record high 21% year-over-year growth rate in the median home-sale price, which hit $348,500. One contributing factor to the large rate of growth is that more high-end homes are being sold now than a year ago. Asking prices reached an all-time high of $360,975.”

For Reno-Sparks: Home-sale prices saw a 19.3% year-over-year increase, with the median home-sale price hitting $495,000. The median asking price was $478,000.

Regarding more high-end homes being sold now than a year ago, see my recent blog posts:

• Reno, Nevada ranks 3rd in the country as a luxury emerging housing market [May 5, 2021]
• Which homes are appreciating fastest in Reno, Nevada? [April 4, 2021]

Days on market

From Redfin [nationally]: “A record low of just 19 days on market for homes that sold during the period, down 16 days from the same period in 2020.”

For Reno-Sparks: For this metric I was unsure if Redfin define “days on market” as total days on market until close of escrow, or as days to contract. So, I am including both metrics from the Reno-Sparks housing market.

• Total days on market (median): 41 days — down 10 days from the same period last year.
• Days to contract (median): 6 days — down 5 days from the same period last year.

Home sale price

From Redfin [nationally]: “A record high of 48% of homes sold for more than their list price, up 20 percentage points from the same period a year earlier.”

For Reno-Sparks: 65.4% of homes sold for more than their list price, up 42 percentage points from the same period a year earlier.

Sale-to-list price ratio

From Redfin [nationally]: “A record high 101.4% average sale-to-list price ratio, which measures how close homes are selling to their asking prices, up 2.7 percentage points year over year. This means that the average home sold for 1.4% more than its asking price.”

For Reno-Sparks: For this metric I will include both the average sale-to-list price ratio and the median sale-to-list price ratio.

• Average sale-to-list price ratio: 102.9% — up 3.1 percentage points year over year.
• Median sale-to-list price ratio: 102.2% — up 2.2 percentage points year over year.

Market velocity — in contract within two weeks

From Redfin [nationally]: A record high 58% of homes that went under contract had an accepted offer within the first two weeks on the market.

For Reno-Sparks: For this metric I am using the contract dates for the homes sold during the analysis period ending May 2.

• 77.6% of homes sold had an accepted offer within the first two weeks on the market.

Market velocity — in contract within one week

From Redfin [nationally]: A record high 45% of homes that went under contract had an accepted offer within one week of hitting the market.

For Reno-Sparks: For this metric I am using the contract dates for the homes sold during the analysis period ending May 2.

• 59.8% of homes sold had an accepted offer within one week of hitting the market.

Summary

Though Americans attempting to purchase a home today face fierce competition across the country, the competition in the Reno-Sparks housing market is even greater.

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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 18, 2021. Note: This information is deemed reliable, but not guaranteed.