October 2022 Market Report for Reno and Sparks, Nevada

Reno-Sparks home sales plummet! Median sales price bumps up a bit in October — now at $540,000 — YOY median change flat!

The median home sales price for the Reno, Nevada metro area increased to $540,000 in October — a 0.9 percent month-over-month increase. Year-over-year, October’s median sales price is now equal to October 2021’s median sales price of $540,000.

However, those numbers do not consider the rate of inflation. Taking into account the annual inflation rate [8.2% according to U.S. Labor Department’s latest data], today’s home values are effectively lower than a year ago.

October’s median sold price per square foot (PPSF) was down 0.9 percent from September’s sold PPSF. Year-over-year, October’s median sold PPSF was down 1.3 percent.

Homes Sold

Home sales fell sharply in October. The 376 homes sold in October represents a 20.8 percent decrease month-over-month; and a whopping 34.0 percent drop year-over-year!

Inventory

Available inventory fell 3.6 percent from this time last month. 1,212 homes are currently available for purchase in the Reno-Sparks market — representing 3.2 month supply of inventory.

Year-over-year, overall available inventory is up a remarkable 136.7 percent.

412 homes are presently pending sale in the Reno-Sparks market. That number is down 20.8 percent from September’s 520 pending sales this time last month; and is down a whopping 47.8 percent year-over-year! Expect weak November sales.

Days on Market

October’s median days on market (DOM) came in at 76 days — a one week increase over September’s median DOM of 69 days. Year-over-year, October’s DOM is 29 days higher than October 2021’s DOM.

Sales by Type

October sales by type, break out as follows:

  • REO sales: 0.3% – up over September’s 0.0%
  • Short sales: 0.0% – unchanged from September’s 0.0%
  • Subject to Court Approval sales: 2.1% –down from September’s 2.8%
  • Relocation sales: 0.5% – up over September’s 0.4%
  • Auction sales: 0.0% – unchanged from September’s 0.0%
  • Other sales: 0.2% – unchanged September’s 0.2%
  • Equity sales: 96.8% – up over September’s 96.5%

Sales by Price

October 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 7 1.9% 1.9%
300 – 399 43 11.4% 13.3%
400 – 499 89 23.6% 36.9%
500 – 599 88 23.4% 60.3%
600 – 699 49 13.0% 73.3%
700 – 799 42 11.2% 84.5%
800 – 899 12 3.2% 87.7%
900 – 999 10 2.7% 90.4%
1M – 1.499M 22 5.9% 96.3%
1.5M – 1.999M 8 2.1% 98.4%
2.0M+ 6 1.6% 100%
total 376 100%

October’s median sold price for houses and condos combined was $520,000 — a 4.0 percent increase over September’s median sold price of $500,000 for combined sales of houses and condos. Year-over-year, October’s combined number is up 5.9 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
Oct 2022 376 $540,000 $303.90 76 1,212 412
Sep 2022 475 $535,320 $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

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 – November 5, 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. sonicboom

    You have an error in your chart. Unless the median is truly $450,000, I presume you meant it to say $540,000.

  2. Guy Johnson

    Hey sonicboom! Thank you very much for catching that typo, and for making me aware. I really appreciate that!

    I have made the correction.

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