Reno-Sparks, NV median home price and home sales climb in March!
The median home sales price for the Reno, Nevada metro area increased to $530,000 in March — a 3.4 percent increase over February’s median sales price of $512,500.
Year-over-year, March’s median sales price is down 7.8 percent.
March’s median sold price per square foot (PPSF) ticked up to $288.41/sq.ft. — a 0.6 percent increase over February’s sold PPSF.
Year-over-year, March’s median sold PPSF was down 10.8 percent.
As predicted in last month’s market report, home sales rose significantly in March. The 401 homes sold in March represents a 45.3 percent month-over-month increase. That being said, year-over-year, home sales remain down 20.1 percent
Available inventory is unchanged from this time last month. 550 homes are currently available for purchase in the Reno-Sparks market — representing just above a one month supply of inventory.
Prospective home sellers are reluctant to place their homes (with a mortgage at 3%) on the market, and then have to purchase with a new mortgage at 7%.
Year-over-year, available inventory is up 77.4 percent.
512 homes are presently pending sale in the Reno-Sparks market. That number is down 2.1 percent from February’s 523 pending sales this time last month; and is also down a notable 29.3 percent, year-over-year!
Given the number of pending sales, April sales should come in flat relative to March’s 401 homes sold.
Days on Market
March’s median days on market (DOM) came in at 75 days — a decrease of 11 days from February’s median DOM. Year-over-year, March’s DOM is nearly double March 2022’s DOM number.
Sales by Price Quartile
The quartile chart shows the changes to the 1st, 2nd, and 3rd quartiles of monthly 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, while home prices in quartiles 1 and 2 (the lowest-priced houses and the median-priced houses, respectively) increased 3.6 and 3.4 percent, respectively, for the month; home prices in quartile 3 (highest-priced houses) rose 5.4 percent in March.
SFRs and Condo/Townhomes
March’s median sold price for houses and condos combined was $499,500 — a 3.0 percent increase over February’s median sold price of $484,750 for combined sales of houses and condos. Year-over-year, March’s combined number is down 8.1 percent.
13 Months of SFR Sales Data
The table below contains the past 13 months of data…
|Month Year||# Sold||Median Sold Price||Sold Price per Sq Ft||Median DOM||# of Actives||# of Pendings|
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 – April 7, 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.