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 73 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

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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 – January 6, 2023. 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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