After 5 consecutive months of increases, the Reno-Sparks, NV median home price receded slightly in July. Home sales pull back; inventory rises.
The Reno-Sparks real estate market in July 2023 took a breather from the year-to-date monthly increases seen across the metrics.
The median sales price for homes (SFRs) in July 2023 was $573,000, which is a 0.3% decline from the previous month, as well as a 0.3% decline from the same period last year.
The median sold price per square foot (PPSF) also fell in July 2023 to $304.58, a 0.5% decrease from June, and a 4.8% decrease from the same period last year.
The number of homes sold in July 2023 was 434, which is a 3.1% decrease from the previous month, however a 1.4% increase over the same period last year.
The current available inventory of homes listed and available for purchase is 794, which is a 5.7% increase from this time last month, however a noteworthy 40.2% decrease from the same time last year.
The number of current pending sales is 507, a 13.2% decrease from this time last month, as well as a 7.7% decrease from this time last year.
July’s months’ supply of inventory (MSI) was 1.8 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.
July’s median days on market (DOM) came in at 49 days — unchanged from June’s median DOM. Year-over-year, July’s DOM is 1 day less than July 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 2 and 3 (the median-priced houses and the highest-priced houses, respectively) decreased 0.3% and 8.3%, respectively, for the month; home sale prices in quartile 1 (lowest-priced houses) rose 0.5% in July compared to the previous month.
The median sales price for condo/townhomes in July 2023 was $330,000, which is a 1.5% decrease from the previous month, and down 9.6% from the same period last year.
Overall, the growth seen in the Reno-Sparks real estate market in the 1st half of the year appears to be flattening as the market enters the 2nd half of the year. This activity is consistent with historical seasonal trends. The MSI remains 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[1]…
| Month Year | # Sold | Median Sold Price | Sold Price per Sq Ft | Median DOM | # of Actives | # of Pendings |
| Jul 2023 | 434 | $573,000 | $304.58 | 49 | 794 | 507 |
| Jun 2023 | 448 | $575,000 | $306.21 | 49 | 751 | 584 |
| May 2023 | 418 | $555,000 | $295.47 | 49 | 694 | 560 |
| Apr 2023 | 373 | $539,950 | $292.68 | 58 | 606 | 532 |
| Mar 2023 | 406 | $529,250 | $287.30 | 75 | 550 | 512 |
| Feb 2023 | 276 | $512,500 | $286.73 | 86 | 550 | 523 |
| Jan 2023 | 239 | $510,000 | $289.13 | 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 |
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 – August 11, 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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