September 2022 Market Report for Reno and Sparks, Nevada

Reno-Sparks median sales price continues its correction — now at $535,000 — YOY median change flat!

The median home sales price for the Reno, Nevada metro area pulled back to $535,000 in September — a whopping 5.3 percent one-month decrease. But even more noteworthy, September’s median sales price is equal to September 2021’s median sales price of $535,000. This means that any gains in homeowner equity over the past 12 months have evaporated.

And those numbers do not consider the rate of inflation. Taking into account the annual inflation rate [8.3% according to U.S. Labor Department data published September 13th], today’s home values are now lower year-over-year.

September’s median sold price per square foot (PPSF) was down 3.0 percent from August’s sold PPSF. Year-over-year, September’s median sold PPSF was down 0.1 percent.

Homes Sold

Home sales edged up month-over-month. 461 homes sold in September. This number was up 2.0 percent from the 452 homes sold in August.

However, year-over-year, September’s home sales were down a 22.5 percent.

Inventory

Available inventory rose 1.4 percent from this time last month. 1,257 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 133.6 percent.

520 homes are presently pending sale in the Reno-Sparks market. That number is down 15.2 percent from August’s 613 pending sales this time last month; and is down a whopping 36.4 percent, year-over-year.

Days on Market

September’s median days on market (DOM) came in at 68 days — a 9 day increase over August’s median DOM of 59 days. Year-over-year, September’s DOM is 23 days higher than September 2021’s DOM.

Sales by Type

September sales by type, break out as follows:

  • REO sales: 0.0% – unchanged from August’s 0.0%
  • Short sales: 0.0% – unchanged from August’s 0.0%
  • Subject to Court Approval sales: 2.8% – up over August’s 1.3%
  • Relocation sales: 0.4% – down from August’s 0.7%
  • Auction sales: 0.0% – unchanged from August’s 0.0%
  • Other sales: 0.2% – up over August’s 0.0%
  • Equity sales: 96.5% – down from August’s 98.0%

Sales by Price

September 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 2 0.4% 0.4%
200 – 299 5 1.1% 1.5%
300 – 399 53 11.5% 13.0%
400 – 499 128 27.8% 40.8%
500 – 599 98 21.3% 62.1%
600 – 699 66 14.3% 76.4%
700 – 799 31 6.7% 83.1%
800 – 899 18 3.9% 87.0%
900 – 999 16 3.5% 90.5%
1M – 1.499M 26 5.6% 96.1%
1.5M – 1.999M 8 1.7% 97.8%
2.0M+ 10 2.2% 100%
total 461 100%

September’s median sold price for houses and condos combined was $500,000 — a 6.6 percent decrease from August’s median sold price of $535,390 for combined sales of houses and condos. Year-over-year, September’s combined number is down 0.1 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
Sep 2022 461 $535,000 $301.26 68 1,257 520
Aug 2022 452 $565,000 $310.67 59 1,240 613
Jul 2022 428 $574,755 $320.04 50 1,328 549
Jun 2022 461 $600,000 $326.70 43 1,159 580
May 2022 521 $615,000 $335.51 39 857 600
Apr 2022 493 $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

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 – October 4, 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.


2 comments

  1. Evan

    Wowzers. Was looking forward to this report and it didn’t disappoint. Thank you again, Guy, for your consistent hard work.

  2. Guy Johnson

    Thank you, Evan!

Leave a Reply

Your email address will not be published. Required fields are marked *