July 2021 Market Report for Reno and Sparks, Nevada

Reno-Sparks median sales price pulls back slightly in July

After four months of incredible gains the median sales price for the Reno-Sparks housing market finally took a breather in July. July’s median sales price of $526,000 represents a 0.8 percent pullback from June’s record high of $530,000.

July’s median sales price is up 21.7 percent year-over-year — with the majority of those gains occurring in just the past few months (see chart above).

July’s median sold price per square foot (PPSF) also receded — coming in at $288.46/sq.ft.

July’s median sold PPSF was down 0.6 percent from June’s sold PPSF, however is up a remarkable 25.9. percent year-over-year.

Homes Sold

638 homes sold in July. This number was down a slight 0.5 percent from the 641 homes sold in June. Year-over-year, July’s home sales are down 15.0 percent.

Inventory

Currently only 426 homes are available for purchase in the Reno-Sparks market — representing less than a one-month supply of homes for sale. That being said, the current available inventory is up 28.3 percent from this time last month.

Year-over-year, available inventory is down a hefty 27.6 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 $526,000. Currently only 100 homes (or 23.5 percent of available inventory) are priced at, or below, the median sales price in the Reno-Sparks market.

Despite the low inventory, 805 homes are presently pending sale in the Reno-Sparks market. That number is down a slight 1.0 percent from June’s 813 pending sales this time last month; and is down 22.4 percent year-over-year.

Days on Market and Days to Contract

July’s median days on market (DOM) came in at 42 days — unchanged from June’s median DOM. Year-over-year, July’s DOM is 15 days lower than July 2020’s DOM. These numbers show the velocity the current market.

Sales by Type

July sales by type, break out as follows:

  • REO sales: 0.2% – down from June’s 0.3%
  • Short sales: 0.2% – up over June’s 0%
  • Subject to Court Approval sales: 2.6% – up over June’s 1.4%
  • Relocation sales: 0.3% – up over June’s 0.1%
  • Auction sales: 0% – unchanged from June’s 0%
  • Equity sales: 97.8% – down from June’s 98.1%

Sales by Price

July 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% 0.0%
200 – 299 8 1.3% 1.5%
300 – 399 85 13.3% 14.8%
400 – 499 175 27.4% 42.2%
500 – 599 134 21.0% 63.2%
600 – 699 72 11.3% 74.5%
700 – 799 52 8.2% 82.7%
800 – 899 33 5.2% 87.9%
900 – 999 20 3.1% 91.0%
1M – 1.5M 40 6.3% 97.3%
1.5M+ 18 2.8% 100%
total 638 100%

July’s median sold price for houses and condos combined was $500,000 — a 3.1 percent increase over June’s median sold price of $485,000 for combined sales of houses and condos. Year-over-year, July’s number is up 22.7 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
Jul 2021 638 $526,000 $288.46 42 426 805
Jun 2021 641 $530,000 $290.08 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

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 – August 10, 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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