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

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.


1 comment

  1. Catherine

    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.

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