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:

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.


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.

2 comments

  1. Avatar
    Vale

    I’m curious as to how this market may be impacting agents. Do you think more agents are getting licenses because of the higher potential commissions or are there more leaving the business and/or struggling to buy and sell because of lower inventory? It is a side of the market I do not typically see much about.

  2. Avatar
    Guy Johnson

    Thank you for your question, Vale. The latest numbers from the Nevada Real Estate Division show a record number of licensed real estate agents currently.

    Looking at “active” licensees, Washoe County currently has: 2,701 real estate sales persons (agents); 408 brokers; and 444 broker-salespersons — for a total of 3,553 licensees.

    See the NRED’s Real Estate Statistics Through March 2021 for more info.

Leave a Reply