December 2022 Market Report for Reno and Sparks, Nevada

Reno-Sparks, NV median sales price drops nearly 6% in one month! Home sales down 35% Y-o-Y!

The median home sales price for the Reno, Nevada metro area plummeted to $518,186 in December — a 5.8 percent decrease from November’s median sales price. Taking a look at historical median data, we see that the last time home prices were at this level was mid-2021.

Year-over-year, December’s median sales price is down 4.9 percent.

December’s median sold price per square foot (PPSF) fell 3.1 percent from November’s sold PPSF.

Year-over-year, December’s median sold PPSF was down 6.7 percent.

Homes Sold

Home sales also fell in December. The 338 homes sold in December represents a 3.4 percent decrease month-over-month; and is in alignment with typical seasonal observations. That being said, year-over-year, home sales are down 35.2%!

Inventory

Available inventory fell 21.4 percent from this time last month (again, there is seasonality at work here, as many would-be home sellers prefer not to place their homes on the market during the holidays). 795 homes are currently available for purchase in the Reno-Sparks market — representing a 2.4 months supply of inventory.

Despite the monthly drop in available inventory, year-over-year, available inventory is up a remarkable 181.9 percent.

327 homes are presently pending sale in the Reno-Sparks market. That number is down 13.0 percent from November’s 376 pending sales this time last month; and is down a whopping 40.2 percent year-over-year! Expect weak January sales.

Days on Market

December’s median days on market (DOM) came in at 79 days — a six day increase over November’s median DOM of 79 days. Year-over-year, December’s DOM is 26 days greater than December 2021’s DOM.

Sales by Type

December sales by type, break out as follows:

  • REO sales: 0.9% – up over November’s 0.0%
  • Short sales: 0.0% – unchanged from November’s 0.0%
  • Subject to Court Approval sales: 2.7% – up over November’s 1.5%
  • Relocation sales: 2.1% – up over November’s 0.2%
  • Auction sales: 0.0% – unchanged from November’s 0.0%
  • Other sales: 0.3% – up over November’s 0.0%
  • Equity sales: 94.1% – down from November’s 98.2%

Sales by Price

December 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 9 2.7% 2.7%
300 – 399 56 16.6% 19.3%
400 – 499 93 27.5% 46.8%
500 – 599 60 17.8% 64.6%
600 – 699 49 14.5% 79.1%
700 – 799 27 8.0% 87.1%
800 – 899 7 2.1% 89.2%
900 – 999 7 2.1% 91.3%
1M – 1.499M 19 5.6% 96.9%
1.5M – 1.999M 6 1.8% 98.7%
2.0M+ 5 1.5% 100.0%
total 376 100%

December’s median sold price for houses and condos combined was $487,500 — a 4.6 percent decrease from November’s median sold price of $511,000 for combined sales of houses and condos. Year-over-year, December’s combined number is up 3.5 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
Dec 2022 338 $518,186 $285.07 79 795 327
Nov 2022 350 $550,000 $294.23 73 1,012 376
Oct 2022 377 $540,000 $304.17 76 1,212 412
Sep 2022 476 $531.910 $301.34 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

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 – January 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.


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