Reno-Sparks, NV median home price increases for the 5th consecutive month! Home sales and inventory rise.
The Reno-Sparks real estate market in June 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 fifth consecutive month.
The median sales price for homes (SFRs) in June 2023 was $575,000, which is a 3.6% increase from the previous month, however is down 4.2% from the same period last year.
The median sold price per square foot (PPSF) also increased in June 2023 to $307.00, a 3.9% increase from the previous month, however a 6.0% decrease from the same period last year.
The number of homes sold in June 2023 was 444, which is a 6.2% increase over the previous month, however a 3.7% decrease from the same period last year.
The current available inventory of homes listed and available for purchase is 751, which is a 8.2% increase from this time last month, however a noteworthy 35.2% decrease from the same time last year.
The number of current pending sales is 584, a 4.3% increase over the previous month, as well as a 0.7% increase from this time last year. It should be noted that this is the first positive (e.g. increase) year-over-year change for a month since February 2022.
Despite the increase in available inventory, the months’ supply of inventory (MSI) in June 2023 was 1.7 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.
June’s median days on market (DOM) came in at 49 days — unchanged from May’s median DOM. Year-over-year, June’s DOM is 6 days higher than June 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 relative to the trends observed in the other quartiles. For example, as can be seen in the chart above, while home sale prices in quartiles 1 and 2 (the lowest-priced houses and the median-priced houses, respectively) increased 3.4 and 3.6 percent, respectively, for the month; home sale prices in quartile 3 (highest-priced houses) spiked an incredible 13.9 percent in June compared to the previous month.
The median sales price for condo/townhomes in June 2023 was $335,000, which is a 2.5% decrease from the previous month, and is down 1.5% from the same period last year.
Overall, the June 2023 Reno-Sparks real estate market continues to show strength, with the SFR median sales price and PPSF steadily increasing. The number of homes sold also increased, as well as did the available inventory and pending sales. 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 – July 10, 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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