August 2022 Market Report for Reno and Sparks, Nevada

Reno-Sparks median sales price continues its correction — now at $565,000; YOY home sales are down 20.5%!

The median home sales price for the Reno, Nevada metro area pulled back to $565,000 in August — a 1.7 percent one-month decrease. The median sales price is now 8.1 percent below the all-time high of $615,000 set in May — and back to levels not seen since February of this year.

August’s median sales price is up 6.6 percent year-over-year.

August’s median sold price per square foot (PPSF) was down 3.2 percent from July’s sold PPSF. Year-over-year, August’s median sold PPSF was up 2.9 percent.

Homes Sold

Home sales climbed month-over-month. 447 homes sold in August. This number was up 4.4 percent from the 428 homes sold in July.

However, year-over-year, August’s home sales were down a 20.5 percent.

Inventory

Available inventory pulled back 6.6 percent from this time last month. 1,240 homes are currently available for purchase in the Reno-Sparks market — representing just under a three-month supply of inventory.

Year-over-year, overall available inventory is up a remarkable 139.4 percent.

613 homes are presently pending sale in the Reno-Sparks market. That number is up 11.7 percent over July’s 549 pending sales this time last month; however is down 25.2 percent year-over-year.

Days on Market

August’s median days on market (DOM) came in at 59 days — a 9 day increase over July’s median DOM of 50 days. Year-over-year, August’s DOM is sixteen days higher than August 2021’s DOM.

Sales by Type

August sales by type, break out as follows:

• REO sales: 0.0% – unchanged from July’s 0.0%
• Short sales: 0.0% – unchanged from July’s 0.0%
• Subject to Court Approval sales: 1.3% – down from July’s 2.8%
• Relocation sales: 0.7% – up over July’s 0.2%
• Auction sales: 0.0% – unchanged from July’s 0.0%
• Other sales: 0.0% – unchanged from July’s 0.0%
• Equity sales: 98.0% – up over July’s 97.0%

Sales by Price

August 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	1.1%	1.1%
300 – 399	32	7.2%	8.3%
400 – 499	115	25.7%	34.0%
500 – 599	103	23.0%	57.0%
600 – 699	66	14.8%	71.8%
700 – 799	44	9.8%	81.6%
800 – 899	27	6.0%	87.6%
900 – 999	16	3.6%	91.2%
1M – 1.499M	26	5.8%	97.0%
1.5M – 1.999M	9	2.0%	99.0%
2.0M+	4	0.9%	100%
total	426	100%

August’s median sold price for houses and condos combined was $535,000 — a 1.4 percent decrease from July’s median sold price of $542,386 for combined sales of houses and condos. Year-over-year, August’s combined number is up 9.2 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
Aug 2022	447	$565,000	$309,79	59	1,240	613
Jul 2022	428	$574,755	$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

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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 – September 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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