Reno-Sparks median sales price hits a new record high in December; Available inventory continues to plummet!
The median home sales price for the Reno, Nevada metro area shot up to $545,000 in December — setting a new all-time high in the process.
December’s median sales price was up 1.9 percent over November’s number — and was up 21.2 percent year-over-year.
December’s median sold price per square foot (PPSF) was up 0.2% percent over November’s sold PPSF — coming in at 306.02/sq.ft. for the month. Year-over-year, December’s median was up a remarkable 21.7 percent.
Homes Sold
523 homes sold in December. This number was down 4.0 percent from the 545 homes sold in November.
Year-over-year, December’s home sales are down 5.6 percent. Higher home prices, rising mortgage interest rates, and, of course, lack of affordable inventory are all contributing to lagging year-over-year sales.
Inventory
Available inventory continues to plummet. Currently only 282 homes are available for purchase in the Reno-Sparks market — representing roughly a two-week supply of homes for sale. Current available inventory is down a whopping 15.8 percent from this time last month.
That being said, year-over-year, overall available inventory is up 29.4 percent.
547 homes are presently pending sale in the Reno-Sparks market. That number is down 26.9 percent from November’s 748 pending sales this time last month; and is down 11.9 percent year-over-year.
Days on Market
December’s median days on market (DOM) came in at 53 days — a five-day increase over November’s median DOM of 48 days. Year-over-year, December’s DOM is 3 days higher than December 2020’s DOM.
Sales by Type
December sales by type, break out as follows:
- REO sales: 0.0% – unchanged from November’s 0.0%
- Short sales: 0.0% – unchanged from November’s 0.0%
- Subject to Court Approval sales: 0.7% – unchanged from November’s 0.7%
- Relocation sales: 0.6% – up over November’s 0.2%
- Auction sales: 0.0% – unchanged from November’s 0.0%
- Other sales: 0.0% – down from November’s 0.7%
- Equity sales: 98.7% – up over November’s 98.3%
Sales by Price
December sales by price band break out as follows…
| sales price ($000’s) | units sold | % of sales | cumulative % of sales |
| 0 – 99 | 0 | 0.0% | 0.0% |
| 100 – 199 | 0 | 0.0% | 0.0% |
| 200 – 299 | 7 | 1.3% | 1.3% |
| 300 – 399 | 51 | 9.8% | 11.1% |
| 400 – 499 | 142 | 27.2% | 38.3% |
| 500 – 599 | 118 | 22.6% | 60.9% |
| 600 – 699 | 78 | 14.9% | 75.8% |
| 700 – 799 | 44 | 8.4% | 84.2% |
| 800 – 899 | 15 | 2.9% | 87.1% |
| 900 – 999 | 18 | 3.4% | 90.5% |
| 1M – 1.5M | 29 | 5.5% | 96.0% |
| 1.5M – 2.0M | 10 | 1.9% | 97.9% |
| 2.0M+ | 11 | 2.1% | 100% |
| total | 523 | 100% |
December’s median sold price for houses and condos combined was $505,000 — a 1.0 percent increase over November’s median sold price of $500,000 for combined sales of houses and condos. Year-over-year, December’s combined number is up 12.3 percent.
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 |
| Dec 2021 | 523 | $545,000 | $306.021 | 53 | 282 | 547 |
| Nov 2021 | 545 | $535,000 | $305.41 | 48 | 335 | 748 |
| Oct 2021 | 569 | $540,000 | $308.02 | 47 | 512 | 789 |
| Sep 2021 | 595 | $535,000 | $301.44 | 45 | 538 | 817 |
| Aug 2021 | 562 | $530,000 | $300.94 | 43 | 518 | 820 |
| Jul 2021 | 643 | $525,000 | $288.46 | 42 | 426 | 805 |
| Jun 2021 | 641 | $530,000 | $290.08 | 42 | 332 | 813 |
| May 2021 | 541 | $501,000 | $284.21 | 42 | 246 | 857 |
| Apr 2021 | 585 | $492,000 | $272.44 | 41 | 211 | 778 |
| Mar 2021 | 475 | $480,000 | $261.58 | 42 | 226 | 768 |
| Feb 2021 | 386 | $450,000 | $258.20 | 43 | 257 | 698 |
| Jan 2021 | 377 | $449,900 | $253.12 | 54 | 167 | 628 | Dec 2020 | 554 | $449,800 | $251.44 | 50 | 218 | 621 |
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 – December 7, 2021. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data dating back to 1998 click here.
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