March 2022 Market Report for Reno and Sparks, Nevada

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 by Price Segment
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]

Past 13 Months of Home Sales Data
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.

Click here to see Reno Homes for Sale.


Leave a Reply

Your email address will not be published.