May 2021 Market Report for Reno and Sparks, Nevada

Reno-Sparks median sales price blasts through a half a million dollars!

Well, it was only a matter of time, but the median sales price for homes in the Reno and Sparks, Nevada market has now surpassed a half-million dollars — coming in at $505,000.

May’s median sales price of $505,000 sets another new all-time high for the Reno-Sparks housing market. May’s median sales price was up 2.1 percent over April’s, and up a whopping 26.3 percent year-over-year.

May’s median sold price per square foot (PPSF) increased to $284.53/sq.ft. — also setting a new all-time high for this metric.

May’s median sold PPSF was a 4.4 percent increase over April’s sold PPSF of $272.44/sq.ft. Year-over-year, May’s median sold PPSF is up an eye-popping 27.9 percent! The sold PPSF continues to increase at a greater rate than the median sales price.

Homes Sold

530 homes sold in May. This number represents an 8.6 percent pull back from the 580 homes sold in April. Low inventory continues to impact home sales..

Year-over-year, May’s home sales were up a robust 31.2 percent. However, keep in mind that a year ago home sales had dropped off precipitously due to the coronavirus pandemic.

Inventory

Currently only 246 homes are available for purchase in the Reno-Sparks market — representing less than a two-week supply of homes for sale. That being said, the current available inventory is up 16.6 percent from this time last month.

Year-over-year, available inventory is down a staggering 65.8 percent.

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 $505,000. Currently only 71 homes (28.9 percent) are priced at, or below, the median sales price in the Reno-Sparks market.

Surprisingly (given the dismal inventory), 857 homes are presently pending sale in the Reno-Sparks market. That number is up 10.2 percent over April’s 778 pending sales this time last month. However, pending sales are down 18.2 percent year-over-year.

Days on Market and Days to Contract

May’s median days on market (DOM) came in at 42 days — a one-day increase over April’s median DOM of 41 days. Year-over-year, May’s DOM is 9 days lower than May 2020’s DOM. These numbers show the velocity the current market.

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

Sales by Type

May sales by type, break out as follows:

  • REO sales: 1.1% – up over April’s 0.3%
  • Short sales: 0% – down from April’s 0.2%
  • Subject to Court Approval sales: 0.9% – down from April’s 1.6%
  • Relocation sales: 0.8% – up over April’s 0.5%
  • Auction sales: 0% – down from April’s 0.2%
  • Equity sales: 97.2% – unchanged from April’s 97.2%

Sales by Price

May 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 1 0.2% 0.2%
200 – 299 5 0.9% 1.1%
300 – 399 89 16.8% 17.9%
400 – 499 164 30.9% 49.0%
500 – 599 85 16.0% 65.1%
600 – 699 71 13.4% 78.5%
700 – 799 38 7.2% 85.7%
800 – 899 23 4.3% 90.0%
900 – 999 8 1.5% 91.5%
1M – 1.5M 31 5.8% 97.4%
1.5M+ 15 2.8% 100%
total 530 100%

May’s median sold price for houses and condos combined was $476,000 — a 3.0 percent increase over April’s median sold price of $462,000 for combined sales of houses and condos. Year-over-year, May’s number is up 23.6 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
May 2021 530 $505,000 $284.53 42 246 857
April 2021 580 $494,500 $272.44 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

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 – June 2, 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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