Reno-Sparks median sales price up 30% year-over-year!
After blasting through the $500K level in May, the median sales price for the Reno-Sparks housing market rocketed to $530,000 in June — up 5.8 percent over May’s number.
June’s median sales price of $530,000 sets another new all-time high for the Reno-Sparks housing market and is now up a staggering 30.2 percent year-over-year — with the majority of those gains occurring in just the past few months (see chart above).
June’s median sold price per square foot (PPSF) increased to $290.29/sq.ft. — also setting a new all-time high for this metric. Is $300/sq.ft. around the corner?
June’s median sold PPSF was a 2.1 percent increase over May’s sold PPSF of $284.21/sq.ft. Year-over-year, June’s median sold PPSF is up an eye-popping 30.0 percent!
Homes Sold
639 homes sold in June. This number represents an 18.1 percent increase over the 541 homes sold in May. Year-over-year, June’s home sales were up a robust 13.1 percent.
Inventory
Currently only 332 homes are available for purchase in the Reno-Sparks market — representing roughly a two-week supply of homes for sale. That being said, the current available inventory is up 35.0 percent from this time last month.
Year-over-year, available inventory is down a staggering 51.7 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 $530,000. Currently only 85 homes (25.6 percent) are priced at, or below, the median sales price in the Reno-Sparks market.
Given the dismal inventory, 813 homes are presently pending sale in the Reno-Sparks market. That number is down 5.1 percent from May’s 857 pending sales this time last month; and is down 23.4 percent year-over-year.
Days on Market and Days to Contract
June’s median days on market (DOM) came in at 42 days — unchanged from May’s median DOM. Year-over-year, June’s DOM is 16 days lower than June 2020’s DOM. These numbers show the velocity the current market.
June’s median days to contract (DTC) came in at 5 days — one day more than May’s median DTC.
Sales by Type
June sales by type, break out as follows:
- REO sales: 0.3% – down from May’s 1.1%
- Short sales: 0% – unchanged from May’s 0%
- Subject to Court Approval sales: 1.4% – up over May’s 0.9%
- Relocation sales: 0.1% – down from May’s 0.8%
- Auction sales: 0% – unchanged May’s 0%
- Equity sales: 98.1% – up over May’s 97.2%
Sales by Price
June 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 | 10 | 1.6% | 1.6% |
| 300 – 399 | 85 | 13.3% | 14.9% |
| 400 – 499 | 184 | 28.8% | 43.7% |
| 500 – 599 | 127 | 19.9% | 63.6% |
| 600 – 699 | 85 | 13.3% | 76.9% |
| 700 – 799 | 37 | 5.8% | 82.7% |
| 800 – 899 | 29 | 4.5% | 87.2% |
| 900 – 999 | 11 | 1.7% | 88.9% |
| 1M – 1.5M | 41 | 6.4% | 95.3% |
| 1.5M+ | 30 | 4.7% | 100% |
| total | 639 | 100% |
June’s median sold price for houses and condos combined was $487,500 — a 2.6 percent increase over May’s median sold price of $475,000 for combined sales of houses and condos. Year-over-year, June’s number is up 25.0 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 |
| Jun 2021 | 639 | $530,000 | $290.28 | 42 | 332 | 813 |
| May 2021 | 541 | $501,000 | $284.21 | 42 | 246 | 857 |
| Apr 2021 | 585 | $492,000 | $272.44 | 41 | 211 | 778 |
| Mar 2021 | 475 | $480,000 | $261.58 | 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 |
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 – July 13, 2021. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data dating back to 1998 click here.
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