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

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.

1 comment

Leave a Reply