December 2021 Market Report for Reno and Sparks, Nevada

Reno-Sparks median sales price hits a new record high in December; Available inventory continues to plummet!

The median home sales price for the Reno, Nevada metro area shot up to $545,000 in December — setting a new all-time high in the process.

December’s median sales price was up 1.9 percent over November’s number — and was up 21.2 percent year-over-year.

December’s median sold price per square foot (PPSF) was up 0.2% percent over November’s sold PPSF — coming in at 306.02/sq.ft. for the month. Year-over-year, December’s median was up a remarkable 21.7 percent.

Homes Sold

523 homes sold in December. This number was down 4.0 percent from the 545 homes sold in November.

Year-over-year, December’s home sales are down 5.6 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 continues to plummet. Currently only 282 homes are available for purchase in the Reno-Sparks market — representing roughly a two-week supply of homes for sale. Current available inventory is down a whopping 15.8 percent from this time last month.

That being said, year-over-year, overall available inventory is up 29.4 percent.

547 homes are presently pending sale in the Reno-Sparks market. That number is down 26.9 percent from November’s 748 pending sales this time last month; and is down 11.9 percent year-over-year.

Days on Market

December’s median days on market (DOM) came in at 53 days — a five-day increase over November’s median DOM of 48 days. Year-over-year, December’s DOM is 3 days higher than December 2020’s DOM.

Sales by Type

December sales by type, break out as follows:

  • REO sales: 0.0% – unchanged from November’s 0.0%
  • Short sales: 0.0% – unchanged from November’s 0.0%
  • Subject to Court Approval sales: 0.7% – unchanged from November’s 0.7%
  • Relocation sales: 0.6% – up over November’s 0.2%
  • Auction sales: 0.0% – unchanged from November’s 0.0%
  • Other sales: 0.0% – down from November’s 0.7%
  • Equity sales: 98.7% – up over November’s 98.3%

Sales by Price

December 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 7 1.3% 1.3%
300 – 399 51 9.8% 11.1%
400 – 499 142 27.2% 38.3%
500 – 599 118 22.6% 60.9%
600 – 699 78 14.9% 75.8%
700 – 799 44 8.4% 84.2%
800 – 899 15 2.9% 87.1%
900 – 999 18 3.4% 90.5%
1M – 1.5M 29 5.5% 96.0%
1.5M – 2.0M 10 1.9% 97.9%
2.0M+ 11 2.1% 100%
total 523 100%

December’s median sold price for houses and condos combined was $505,000 — a 1.0 percent increase over November’s median sold price of $500,000 for combined sales of houses and condos. Year-over-year, December’s combined number is up 12.3 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
Dec 2021 523 $545,000 $306.021 53 282 547
Nov 2021 545 $535,000 $305.41 48 335 748
Oct 2021 569 $540,000 $308.02 47 512 789
Sep 2021 595 $535,000 $301.44 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

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 7, 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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