Reno-Sparks, NV median home price increases for the 3rd consecutive month! Home sales down.
The Reno-Sparks real estate market in April 2023 continued to show signs of stability, with a steady increase in the median sales price of homes in the Reno metro area for the third consecutive month.
The median sales price for homes (SFRs) in April 2023 was $539,950, which is a 2.0% increase from the previous month, however is a 9.3% decrease from the same period last year.
The median sold price per square foot (PPSF) also increased in April 2023 to $293.69, a 2.2% increase from the previous month, however a 10.9% decrease from the same period last year.
The number of homes sold in April 2023 was 369, which is a 9.1% decrease from the previous month and a noteworthy 25.2% decrease from the same period last year.
The current available inventory of homes listed and available for purchase is 606, which is a 10.2% increase from this time last month and a 14.8% increase from the same time last year.
The number of current pending sales is 532, a 3.9% increase over the previous month, however a 28.4% decrease from this time last year.
The months’ supply of inventory (MSI) in April 2023 was 1.6 months of supply, which indicates a seller’s market. This figure is calculated by dividing the available inventory by the number of homes sold last month. A balanced market is generally considered to be between four and six months of supply.
April’s median days on market (DOM) came in at 58 days — a decrease of 17 days from March’s median DOM. Year-over-year, April’s DOM is 15 days higher than April 2022’s DOM number.
The quartile chart below 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 3.4 and 2.0 percent, respectively, for the month; home prices in quartile 3 (highest-priced houses) rose 3.7 percent in April.
The median sales price for condo/townhomes in April 2023 was $315,000, which is unchanged from the previous month, however is down 6.0% from the same period last year.
Overall, the April 2023 Reno-Sparks real estate market continued to show strength, with the SFR median sales price and PPSF steadily increasing, while the number of homes sold fell, and the available inventory rose modestly. The MSI remained low, indicating that the market is still favoring sellers.
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 – May 7, 2023. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data dating back to 1998 click here.
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