July 2022 Market Report for Reno and Sparks, Nevada

Reno-Sparks median sales price continues its correction — down 4.5% MOM; YOY home sales down 34%; YOY inventory up 212%!

The median home sales price for the Reno, Nevada metro area pulled back to $573,255 in July — a 4.5 percent one-month decrease. The median sales price is now 6.8 percent below the all-time high of $615,000 set in May — and back to levels not seen since March of this year.

July’s median sales price is up 9.2 percent year-over-year.

July’s median sold price per square foot (PPSF) was down 2.1 percent from June’s sold PPSF. Year-over-year, July’s median sold PPSF was up 10.9 percent.

Homes Sold

Home sales continue to decline. 426 homes sold in July. This number was down 7.4 percent from the 460 homes sold in June.

Year-over-year, July’s home sales are down a whopping 33.9 percent.

Inventory

Available inventory increased 14.6 percent over this time last month. 1,328 homes are currently available for purchase in the Reno-Sparks market — representing just over a three-month supply of inventory.

Year-over-year, overall available inventory is up a remarkable 211.7 percent.

549 homes are presently pending sale in the Reno-Sparks market. That number is down 5.3 percent from June’s 580 pending sales this time last month; and is down 31.8 percent year-over-year.

Expect August sales to be lower than July’s sales.

Days on Market

July’s median days on market (DOM) came in at 50 days — a one-week increase over June’s median DOM of 43 days. Year-over-year, July’s DOM is eight days higher than July 2021’s DOM.

Sales by Type

July sales by type, break out as follows:

  • REO sales: 0.0% – unchanged from June’s 0.0%
  • Short sales: 0.0% – unchanged from June’s 0.0%
  • Subject to Court Approval sales: 2.8% – up over June’s 0.4%
  • Relocation sales: 0.2% – up over June’s 0.0%
  • Auction sales: 0.0% – unchanged from June’s 0.0%
  • Other sales: 0.0% – unchanged from June’s 0.0%
  • Equity sales: 97.0% – down from June’s 99.6%

Sales by Price

July 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 2 0.5% 0.5%
300 – 399 26 6.1% 6.6%
400 – 499 108 25.4% 32.0%
500 – 599 104 24.4% 56.4%
600 – 699 72 16.9% 73.3%
700 – 799 47 11.0% 84.3%
800 – 899 13 3.1% 87.4%
900 – 999 16 3.8% 91.2%
1M – 1.499M 22 5.2% 96.4%
1.5M – 1.999M 7 1.6% 98.0%
2.0M+ 9 2.1% 100%
total 426 100%

July’s median sold price for houses and condos combined was $540,000 — a 3.1 percent decrease from June’s median sold price of $557,000 for combined sales of houses and condos. Year-over-year, July’s combined number is up 8.0 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
Jul 2022 426 $573,255 $320.04 50 1,328 549
Jun 2022 460 $600,000 $326.79 43 1,159 580
May 2022 520 $615,000 $335.63 39 857 600
Apr 2022 494 $595,000 $329.56 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 644 $525,000 $288.46 42 426 805

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 – August 6, 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.


4 comments

  1. Mike McGonagle

    August numbers will be interesting to say the least! My numbers have an Incline skew and assume that generally the same percent of homes get double recorded moving into at Trust. They are for the entire County for SFRs build before 2021.

    Transactions:
    – May 1043
    – June 924
    – July 859
    – August 565 to date, will end up around 705 est.

    Median:
    – May $600K
    – June $640K
    – July $570K
    – August $565K and will probably skew $5K+ lower.

    For fun, take a look at how Nextdoor is doing on their internet buy and flip model! They are currently averaging a $60K+ loss per resale.

  2. Guy Johnson

    Hi Mike! Thank you for your comment and the info.

    I intend on reporting on August’s numbers today. …both for Reno/Sparks, as well as Incline Village.

    [Btw, Did you mean OpenDoor, rather than Nextdoor?]

  3. Joe

    I cant take the suspense! September report will be crazy

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