Reno-Sparks median sales price pulls back in November; Available inventory plummets!
The median home sales price for the Reno, Nevada metro area pulled back a bit in November — coming in at $535,000.
That number was down 0.9 percent from October’s record high of $540,000. November’s median sales price was up 18.2 percent year-over-year.
November’s median sold price per square foot (PPSF) was also down 0.9 percent from October’s sold PPSF — coming in at 305.31/sq.ft. for the month. Year-over-year, November’s median was up a remarkable 25.8 percent.
Homes Sold
539 homes sold in November. This number was down 5.4 percent from the 570 homes sold in October.
Year-over-year, November’s home sales are down 11.1 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
Available inventory fell dramatically in November. Currently only 335 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 a whopping 34.6 percent from this time last month.
That being said, year-over-year, overall available inventory is up 20.5 percent.
748 homes are presently pending sale in the Reno-Sparks market. That number is down 5.2 percent from October’s 789 pending sales this time last month; and is down 6.1 percent year-over-year.
Days on Market
November’s median days on market (DOM) came in at 48 days — a one-day increase over October’s median DOM of 47 days. Year-over-year, November’s DOM is 4 days lower than November 2020’s DOM.
Sales by Type
November sales by type, break out as follows:
- REO sales: 0.0% – unchanged from October’s 0.0%
- Short sales: 0.0% – unchanged from October’s 0.0%
- Subject to Court Approval sales: 0.7% – down from October’s 1.6%
- Relocation sales: 0.2% – down from October’s 0.4%
- Auction sales: 0.0% – unchanged from October’s 0.0%
- Other sales: 0.7% – up over October’s 0.0%
- Equity sales: 98.3% – up over October’s 97.9%
Sales by Price
November 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 | 0 | 0.0% | 0.0% |
| 200 – 299 | 5 | 0.9% | 0.9% |
| 300 – 399 | 49 | 9.1% | 10.0% |
| 400 – 499 | 163 | 30.2% | 40.2% |
| 500 – 599 | 125 | 23.2% | 63.4% |
| 600 – 699 | 75 | 13.9% | 77.3% |
| 700 – 799 | 36 | 6.7% | 84.0% |
| 800 – 899 | 22 | 4.1% | 88.1% |
| 900 – 999 | 10 | 1.9% | 90.0% |
| 1M – 1.5M | 33 | 6.1% | 96.1% |
| 1.5M – 2.0M | 12 | 2.2% | 98.3% |
| 2.0M+ | 9 | 1.7% | 100% |
| total | 539 | 100% |
November’s median sold price for houses and condos combined was $500,000 — a 2.0 percent increase over October’s median sold price of $490,000 for combined sales of houses and condos. Year-over-year, November’s combined number is up 16.3 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 |
| Nov 2021 | 539 | $535,000 | $305.31 | 48 | 335 | 748 |
| Oct 2021 | 570 | $540,000 | $308.02 | 47 | 512 | 789 |
| Sep 2021 | 594 | $532,500 | $301.51 | 45 | 538 | 817 |
| Aug 2021 | 562 | $530,000 | $300.94 | 43 | 518 | 820 |
| Jul 2021 | 643 | $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 |
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 – December 12, 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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