July 2022 Market Report for Reno and Sparks, Nevada

Reno-Sparks median sales price continues its correction — down 4.5% MOM; YOY home sales down 34%; YOY inventory up 212%!

The median home sales price for the Reno, Nevada metro area pulled back to $573,255 in July — a 4.5 percent one-month decrease. The median sales price is now 6.8 percent below the all-time high of $615,000 set in May — and back to levels not seen since March of this year.

July’s median sales price is up 9.2 percent year-over-year.

July’s median sold price per square foot (PPSF) was down 2.1 percent from June’s sold PPSF. Year-over-year, July’s median sold PPSF was up 10.9 percent.

Homes Sold

Home sales continue to decline. 426 homes sold in July. This number was down 7.4 percent from the 460 homes sold in June.

Year-over-year, July’s home sales are down a whopping 33.9 percent.

Inventory

Available inventory increased 14.6 percent over this time last month. 1,328 homes are currently available for purchase in the Reno-Sparks market — representing just over a three-month supply of inventory.

Year-over-year, overall available inventory is up a remarkable 211.7 percent.

549 homes are presently pending sale in the Reno-Sparks market. That number is down 5.3 percent from June’s 580 pending sales this time last month; and is down 31.8 percent year-over-year.

Expect August sales to be lower than July’s sales.

Days on Market

July’s median days on market (DOM) came in at 50 days — a one-week increase over June’s median DOM of 43 days. Year-over-year, July’s DOM is eight days higher than July 2021’s DOM.

Sales by Type

July sales by type, break out as follows:

• REO sales: 0.0% – unchanged from June’s 0.0%
• Short sales: 0.0% – unchanged from June’s 0.0%
• Subject to Court Approval sales: 2.8% – up over June’s 0.4%
• Relocation sales: 0.2% – up over June’s 0.0%
• Auction sales: 0.0% – unchanged from June’s 0.0%
• Other sales: 0.0% – unchanged from June’s 0.0%
• Equity sales: 97.0% – down from June’s 99.6%

Sales by Price

July sales by price band break out as follows…

Sales by Price Segment

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	2	0.5%	0.5%
300 – 399	26	6.1%	6.6%
400 – 499	108	25.4%	32.0%
500 – 599	104	24.4%	56.4%
600 – 699	72	16.9%	73.3%
700 – 799	47	11.0%	84.3%
800 – 899	13	3.1%	87.4%
900 – 999	16	3.8%	91.2%
1M – 1.499M	22	5.2%	96.4%
1.5M – 1.999M	7	1.6%	98.0%
2.0M+	9	2.1%	100%
total	426	100%

July’s median sold price for houses and condos combined was $540,000 — a 3.1 percent decrease from June’s median sold price of $557,000 for combined sales of houses and condos. Year-over-year, July’s combined number is up 8.0 percent.

The table below contains the past 13 months of data^[1]…

Past 13 Months of Home Sales Data

Month Year	# Sold	Median Sold Price	Sold Price per Sq Ft	Median DOM	# of Actives	# of Pendings
Jul 2022	426	$573,255	$320.04	50	1,328	549
Jun 2022	460	$600,000	$326.79	43	1,159	580
May 2022	520	$615,000	$335.63	39	857	600
Apr 2022	494	$595,000	$329.56	43	528	743
Mar 2022	502	$575,000	$323.29	40	310	724
Feb 2022	377	$557,000	$314.28	43	269	738
Jan 2022	403	$569,900	$300.62	56	266	525
Dec 2021	522	$545,000	$305.40	53	282	547
Nov 2021	544	$536,500	$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	644	$525,000	$288.46	42	426	805

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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 6, 2022. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data dating back to 1998 click here.

Click here to see Reno Homes for Sale.

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