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.
Click here to see Reno Homes for Sale.
June 2021 Market Report for Reno and Sparks, Nevada – Reno, Incline Village, Sparks, Carson City, Fernley, and Northern Nevada Real Estate Blog - ReInvestmentNews
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