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 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]…
| 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 |
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.
I’ve noticed inventory has definitely risen, and when I print a list for a set of criteria it isn’t 90%+ already “under contract” anymore.