Median Sold Price Per Square Foot sets all-time high — breaks $300/sq.ft for the first time!
Reno-Sparks, Nevada home prices continue to take a breather in August — remaining relatively flat at $530,000.
August’s median sales price was up 1 percent over July’s median sales price; and up 19.8 percent year-over-year.
Despite the median sales price holding relatively steady, August’s median sold price per square foot (PPSF) continued to climb — coming in at $301.09/sq.ft. — setting a new all-time high, and breaking the $300/sq.ft. level for the first time!
August’s median sold PPSF was up 4.4 percent over July’s sold PPSF; and was up a remarkable 31.9 percent year-over-year.
Homes Sold
555 homes sold in August. This number was down 13.3 percent from the 640 homes sold in July. Year-over-year, August’s home sales are down 15.7 percent.
Inventory
Currently only 518 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 21.6 percent from this time last month.
Year-over-year, available inventory is up 10.7 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 137 homes (or 26.4 percent of available inventory) are priced at, or below, the median sales price in the Reno-Sparks market.
Despite the low inventory, 820 homes are presently pending sale in the Reno-Sparks market. That number is up 1.9 percent from July’s 803 pending sales this time last month; but is down 23.2 percent year-over-year.
Days on Market and Days to Contract
August’s median days on market (DOM) came in at 43 days — a one day increase over July’s median DOM of 42 days. Year-over-year, August’s DOM is 11 days lower than August 2020’s DOM. These numbers show the velocity the current market.
Sales by Type
August sales by type, break out as follows:
- REO sales: 0.0% – down from July’s 0.2%
- Short sales: 0.0% – down from July’s 0.2%
- Subject to Court Approval sales: 1.4% – down from July’s 2.6%
- Relocation sales: 0.2% – down from July’s 0.3%
- Auction sales: 0% – unchanged from July’s 0%
- Equity sales: 98.4% – up over July’s 97.8%
Sales by Price
August 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 | 1 | 0.2% | 0.0% |
| 200 – 299 | 10 | 1.8% | 2.0% |
| 300 – 399 | 62 | 11.2% | 13.2% |
| 400 – 499 | 171 | 30.8% | 44.0% |
| 500 – 599 | 96 | 17.3% | 61.3% |
| 600 – 699 | 81 | 14.6% | 75.9% |
| 700 – 799 | 49 | 8.8% | 84.7% |
| 800 – 899 | 18 | 3.2% | 87.9% |
| 900 – 999 | 13 | 2.3% | 90.3% |
| 1M – 1.5M | 31 | 5.6% | 95.9% |
| 1.5M+ | 23 | 4.1% | 100% |
| total | 555 | 100% |
August’s median sold price for houses and condos combined was $490,000 — a 2.0 percent decrease from July’s median sold price of $500,000 for combined sales of houses and condos. Year-over-year, August’s number is up 18.1 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 |
| Aug 2021 | 555 | $530,000 | $301.09 | 43 | 518 | 820 |
| Jul 2021 | 640 | $525,000 | $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 |
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 – September 9, 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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