May 2022 Market Report for Reno and Sparks, Nevada

Reno-Sparks median sales price blasts through $600K — hits another new all-time high in May; Pending sales decrease; Inventory rises! Is the market about to shift?

The median home sales price for the Reno, Nevada metro area rocketed to $614,950 in May — setting another record high for the market.

May’s median sales price was up 3.4 percent over April’s $595,000 number — and was up 23.0 percent year-over-year.

May’s median sold price per square foot (PPSF) was up 1.8 percent over April’s sold PPSF — also setting a new record high of 335.63/sq.ft. Year-over-year, May’s median was up 18.0 percent.

Homes Sold

518 homes sold in May. This number was up 4.6 percent over the 495 homes sold in April.

Year-over-year, May’s home sales are down 4.8 percent.

Inventory

Available inventory jumped a whopping 62.3 percent over this time last month. 857 homes are homes are currently available for purchase in the Reno-Sparks market — representing just over a one-month supply of inventory.

Year-over-year, overall available inventory is up a remarkable 248.4 percent.

600 homes are presently pending sale in the Reno-Sparks market. That number is down 19.2 percent from April’s 743 pending sales this time last month; and is down 30.0 percent year-over-year.

Days on Market

May’s median days on market (DOM) came in at 39 days — a 4 day decrease from April’s median DOM of 43 days. Year-over-year, May’s DOM is down 3 days over May 2021’s DOM.

Sales by Type

May sales by type, break out as follows:

• REO sales: 0.0% – unchanged from April’s 0.0%
• Short sales: 0.0% – unchanged from April’s 0.0%
• Subject to Court Approval sales: 1.0% – down from April’s 1.8%
• Relocation sales: 1.2% – up over April’s 0.6%
• Auction sales: 0.0% – down from April’s 0.0%
• Other sales: 0.4% – up over April’s 0.0%
• Equity sales: 97.5% – down from April’s 97.7%

Sales by Price

May 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	1.0%	1.0%
300 – 399	18	3.5%	4.5%
400 – 499	103	19.9%	24.3%
500 – 599	119	23.0%	47.3%
600 – 699	97	18.7%	66.0%
700 – 799	59	11.4%	77.4%
800 – 899	35	6.8%	84.2%
900 – 999	14	2.7%	86.9%
1M – 1.499M	39	7.5%	94.4%
1.5M – 1.999M	15	2.9%	97.3%
2.0M+	14	2.7%	100%
total	518	100%

May’s median sold price for houses and condos combined was $565,000 — a 3.0 percent increase over April’s median sold price of $548,450 for combined sales of houses and condos. Year-over-year, May’s combined number is up 18.9 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
May 2022	518	$614,950	$335.63	39	857	600
Apr 2022	495	$595,000	$329.78	43	528	743
Mar 2022	502	$575,000	$323.29	40	310	724
Feb 2022	377	$557,000	$314.28	43	269	738
Jan 2022	403	$569,900	$300.62	56	266	525
Dec 2021	522	$545,000	$305.40	53	282	547
Nov 2021	544	$536,500	$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	544	$500,000	$284.37	42	246	857

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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 – June 8, 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.

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