Reno-Sparks median sales price pulls back from January’s record high; Pending sales jump!
The median home sales price for the Reno, Nevada metro area pulled back to $559,000 in February from January’s record high of $569,950.
February’s median sales price was down 1.9 percent from January’s number — and was up 24.2 percent year-over-year.
February’s median sold price per square foot (PPSF) was up 4.7% percent over January’s sold PPSF — setting a new record high of 314.93/sq.ft. for the month. Year-over-year, February’s median was up a remarkable 21.9 percent.
Homes Sold
376 homes sold in February. This number was down 6.5 percent from the 402 homes sold in January.
Year-over-year, February’s home sales are down 3.1percent. 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 bumped up 1.1 percent from last month. Currently only 269 homes are available for purchase in the Reno-Sparks market — representing roughly a three-week supply of homes for sale.
Year-over-year, overall available inventory is up 4.7 percent.
738 homes are presently pending sale in the Reno-Sparks market. That number is up a whopping 40.6 percent over January’s 525 pending sales this time last month; and is up 5.7 percent year-over-year.
Days on Market
February’s median days on market (DOM) came in at 43 days — nearly a two-week decrease from January’s median DOM of 56 days. The Spring home buying season is in full effect. Year-over-year, February’s DOM is unchanged from February 2020’s DOM.
Sales by Type
February sales by type, break out as follows:
- REO sales: 0.0% – unchanged from January’s 0.0%
- Short sales: 0.2% – up over January’s 0.0%
- Subject to Court Approval sales: 1.1% – down from January’s 1.5%
- Relocation sales: 0.2% – down from January’s 0.7%
- Auction sales: 0.2% – up over January’s 0.0%
- Other sales: 0.0% – unchanged from January’s 0.0%
- Equity sales: 98.1% – up over January’s 97.5%
Sales by Price
February 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 | 1 | 0.3% | 0.3% |
| 200 – 299 | 3 | 0.8% | 1.1% |
| 300 – 399 | 22 | 5.9% | 7.0% |
| 400 – 499 | 107 | 28.5% | 35.5% |
| 500 – 599 | 84 | 22.3% | 57.8% |
| 600 – 699 | 57 | 15.2% | 72.8% |
| 700 – 799 | 37 | 9.8% | 82.6% |
| 800 – 899 | 19 | 5.1% | 87.8% |
| 900 – 999 | 11 | 2.9% | 90.6% |
| 1M – 1.5M | 26 | 6.9% | 97.5% |
| 1.5M – 2.0M | 6 | 1.6% | 99.1% |
| 2.0M+ | 3 | 0.8% | 100% |
| total | 376 | 100% |
February’s median sold price for houses and condos combined was $520,000 — a 2.8 percent decrease from January’s median sold price of $535,000 for combined sales of houses and condos. Year-over-year, February’s combined number is up a substantial 23.8 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 |
| Feb 2022 | 376 | $559,000 | $314.93 | 43 | 269 | 738 |
| Jan 2022 | 402 | $569,950 | $300.78 | 56 | 266 | 525 |
| Dec 2021 | 524 | $545,000 | $304.17 | 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 |
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 – March 20, 2022. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data dating back to 1998 click here.
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