June 2021 Market Report for Reno and Sparks, Nevada

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 by Price Segment

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]…

Past 13 Months of Home Sales Data

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

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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.