January 2023 Market Report for Reno and Sparks, Nevada

Reno-Sparks, NV median home sales price down nearly 10% Y-o-Y! Home sales down 41% Y-o-Y!

The median home sales price for the Reno, Nevada metro area fell to $510,000 in January — a 1.9 percent decrease from December’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, January’s median sales price is down 9.7 percent.

January’s median sold price per square foot (PPSF) rose 2.1 percent over December’s sold PPSF.

However, Year-over-year, January’s median sold PPSF was down 3.3 percent.

Homes Sold

Home sales also fell in January. The 238 homes sold in January represents a 29.4 percent decrease month-over-month; and is in alignment with typical seasonal observations. That being said, year-over-year, home sales are down 40.9%!

Inventory

Available inventory fell 18.9 percent from this time last month. 645 homes are currently available for purchase in the Reno-Sparks market — representing a 2.7 months supply of inventory.

Despite the monthly drop in available inventory, year-over-year, available inventory is up a remarkable 142.5 percent.

465 homes are presently pending sale in the Reno-Sparks market. That number is up a noteworthy 42.2 percent from December’s 327 pending sales this time last month; however, is down 11.4 percent year-over-year!

Given the number of pending sales, February sales should come in higher than January’s.

Days on Market

January’s median days on market (DOM) came in at 85 days — a six day increase over December’s median DOM of 79 days. Year-over-year, January’s DOM is 29 days greater than January 2022’s DOM.

Median DOM is now at a duration not seen since 2017!

Sales by Price Quartile

Note: This market report features a new chart — a Quartile Chart. The quartile chart shows the changes to the 1st, 2nd, and 3rd quartiles of monthly median sale prices spanning the most recent 13 months.

This interactive chart allows readers to compare sales price trends within a quartile to the trends in the other quartiles. For example, as can be seen in the chart below, median home prices from peak to current have fallen as follows:

• Quartile 3 (e.g. the highest priced houses): -15.3%
• Quartile 2 (e.g. the mid-priced houses): -17.1%
• Quartile 1 (e.g. the lowest priced houses): -12.3%

SFRs and Condo/Townhomes

January’s median sold price for houses and condos combined was $478,975 — a 1.9 percent decrease from December’s median sold price of $488,250 for combined sales of houses and condos. Year-over-year, January’s combined number is down 10.5 percent.

13 Months of SFR Sales Data

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
Jan 2023	238	$510,000	$290.80	86	645	465
Dec 2022	337	$519,950	$284.81	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	378	$556,000	$314.26	43	269	738
Jan 2022	403	$565,000	$300.62	56	266	525

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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 – February 9, 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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