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

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.


4 comments

  1. Diana

    Thank you Guy! I look forward to your market report every month

  2. Guy Johnson

    My pleasure, Diana!

  3. Vic

    Thanks Guy! This information is great. I have used your data for about 6 years now and always appreciate it.

  4. Guy Johnson

    Thank you, Vic! I’m happy to hear that you find the market data useful. Thank you for reading the blog. ?

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