August 2021 Market Report for Reno and Sparks, Nevada

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 down a substantial 21.6 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 $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 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 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]

Past 13 Months of Home Sales Data
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.

Click here to see Reno Homes for Sale.

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