Reno-Sparks median sales price hits another all-time high in March — jumps nearly 3% over February’s median; Home sales increase 31%!
The median home sales price for the Reno, Nevada metro area rose to $575,000 in March — setting another record high for the area.
March’s median sales price was up 2.9 percent over February’s number — and was up 19.8 percent year-over-year.
March’s median sold price per square foot (PPSF) was up 2.8 percent over February’s sold PPSF — also setting a new record high of 323.60/sq.ft. Year-over-year, March’s median was up a remarkable 23.7 percent.
Homes Sold
492 homes sold in March. This number was up a whopping 30.1 percent over the 376 homes sold in February. The spring home buying season is in full swing.
Despite record-setting home prices and rising interest rates, year-over-year, March’s home sales are up 3.6 percent.
Inventory
Available inventory jumped a noteworthy 15.2 percent from last month. That being said, currently 310 homes are available for purchase in the Reno-Sparks market — representing 19-day supply of homes for sale.
Year-over-year, overall available inventory is up 37.2 percent.
724 homes are presently pending sale in the Reno-Sparks market. That number is down 1.9 percent from February’s 738 pending sales this time last month; and is down 5.7 percent year-over-year.
Days on Market
March’s median days on market (DOM) came in at 40 days — a 3 day decrease from February’s median DOM of 43 days. Year-over-year, March’s DOM is down 2 days from March 2021’s DOM.
Sales by Type
March sales by type, break out as follows:
- REO sales: 0.4% – up over February’s 0.0%
- Short sales: 0.0% – down from February’s 0.2%
- Subject to Court Approval sales: 2.4% – up over February’s 1.1%
- Relocation sales: 0.4% – up over February’s 0.2%
- Auction sales: 0.2% – unchanged from February’s 0.2%
- Other sales: 0.0% – unchanged from February’s 0.0%
- Equity sales: 96.5% – down from February’s 99.1%
Sales by Price
March 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 | 2 | 0.4% | 0.6% |
| 300 – 399 | 35 | 7.1% | 7.7% |
| 400 – 499 | 123 | 25.0% | 32.7% |
| 500 – 599 | 105 | 21.3% | 54.1% |
| 600 – 699 | 72 | 14.6% | 68.7% |
| 700 – 799 | 59 | 12.0% | 80.7% |
| 800 – 899 | 28 | 5.7% | 86.4% |
| 900 – 999 | 14 | 2.8% | 89.2% |
| 1M – 1.499M | 27 | 5.5% | 94.7% |
| 1.5M – 1.999M | 12 | 2.4% | 97.2% |
| 2.0M+ | 14 | 2.8% | 100% |
| total | 376 | 100% |
March’s median sold price for houses and condos combined was $542,500 — a 4.3 percent increase over February’s median sold price of $520,000 for combined sales of houses and condos. Year-over-year, March’s combined number is up a hefty 21.9 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 |
| Mar 2022 | 492 | $575,000 | $323.60 | 40 | 310 | 724 |
| Feb 2022 | 376 | $559,000 | $314.93 | 43 | 269 | 738 |
| Jan 2022 | 402 | $569,950 | $300.78 | 56 | 266 | 525 |
| Dec 2021 | 524 | $545,000 | $304.17 | 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 |
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 – April 7, 2022. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data dating back to 1998 click here.
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