November 2021 Market Report for Reno and Sparks, Nevada

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 by Price Segment
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]

Past 13 Months of Home Sales Data
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.

Click here to see Reno Homes for Sale.


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