Reno-Sparks median sales price breaks to $540,000 — setting a new all-time high!
After hovering at $530,000 the past four months, the median home sales price for the Reno, Nevada metro area broke through that ceiling in October to come in at $540,000 — setting a new all-time high in the process.
October’s median sales price of $540,000 was 1.9 percent increase over September’s; and up 18.6 percent year-over-year.
October’s median sold price per square foot (PPSF) also set an all-time high — coming in at $308.02/sq.ft.
October’s median sold PPSF was up 2.1 percent over September’s sold PPSF; and was up a remarkable 29.9 percent year-over-year.
Homes Sold
565 homes sold in October. This number was down 4.7 percent from the 593 homes sold in September. Year-over-year, October’s home sales are down 10.3 percent. Higher home prices, rising mortgage interest rates, and, of course, lack of affordable inventory are all contributing to lagging year-over-year sales.
Inventory
Currently only 512 homes are available for purchase in the Reno-Sparks market — representing less than a one-month supply of homes for sale. Current available inventory is down 4.8 percent from this time last month.
That being said, year-over-year, overall available inventory is up 33.0 percent.
789 homes are presently pending sale in the Reno-Sparks market. That number is down 3.4 percent from September’s 817 pending sales this time last month; and is down 19.4 percent year-over-year.
Days on Market
October’s median days on market (DOM) came in at 47 days — a two day increase over September’s median DOM of 45 days. Year-over-year, October’s DOM is 3 days lower than October 2020’s DOM.
Sales by Type
October sales by type, break out as follows:
- REO sales: 0.0% – unchanged from September’s 0.0%
- Short sales: 0.2% – up over September’s 0.0%
- Subject to Court Approval sales: 1.6% – up over September’s 0.9%
- Relocation sales: 0.4% – up over September’s 0.3%
- Auction sales: 0.0% – down from September’s 0.2%
- Other sales: 0.0% – down from September’s 0.5%
- Equity sales: 97.9% – down from September’s 98.1%
Sales by Price
October 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% | 0.2% |
| 200 – 299 | 10 | 1.8% | 2.0% |
| 300 – 399 | 59 | 10.4% | 12.4% |
| 400 – 499 | 180 | 31.9% | 44.3% |
| 500 – 599 | 103 | 18.2% | 62.5% |
| 600 – 699 | 72 | 12.7% | 75.2% |
| 700 – 799 | 37 | 6.5% | 81.7% |
| 800 – 899 | 32 | 5.7% | 87.4% |
| 900 – 999 | 13 | 2.3% | 89.7% |
| 1M – 1.5M | 34 | 6.0% | 95.7% |
| 1.5M – 2.0M | 14 | 2.5% | 98.2% |
| 2.0M+ | 10 | 1.8% | 100% |
| total | 586 | 100% |
October’s median sold price for houses and condos combined was $490,000 — a 2.0 percent decrease from September’s median sold price of $500,000 for combined sales of houses and condos. Year-over-year, October’s combined number is up 16.7 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 |
| Oct 2021 | 565 | $540,000 | $308.02 | 47 | 512 | 789 |
| Sep 2021 | 593 | $530,000 | $301.58 | 45 | 538 | 817 |
| Aug 2021 | 561 | $530,000 | $300.79 | 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 |
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 – October 7, 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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