September 2022 Market Report for Reno and Sparks, Nevada

Reno-Sparks median sales price continues its correction — now at $535,000 — YOY median change flat!

The median home sales price for the Reno, Nevada metro area pulled back to $535,000 in September — a whopping 5.3 percent one-month decrease. But even more noteworthy, September’s median sales price is equal to September 2021’s median sales price of $535,000. This means that any gains in homeowner equity over the past 12 months have evaporated.

And those numbers do not consider the rate of inflation. Taking into account the annual inflation rate [8.3% according to U.S. Labor Department data published September 13th], today’s home values are now lower year-over-year.

September’s median sold price per square foot (PPSF) was down 3.0 percent from August’s sold PPSF. Year-over-year, September’s median sold PPSF was down 0.1 percent.

Homes Sold

Home sales edged up month-over-month. 461 homes sold in September. This number was up 2.0 percent from the 452 homes sold in August.

However, year-over-year, September’s home sales were down a 22.5 percent.

Inventory

Available inventory rose 1.4 percent from this time last month. 1,257 homes are currently available for purchase in the Reno-Sparks market — representing just under a three-month supply of inventory.

Year-over-year, overall available inventory is up a remarkable 133.6 percent.

520 homes are presently pending sale in the Reno-Sparks market. That number is down 15.2 percent from August’s 613 pending sales this time last month; and is down a whopping 36.4 percent, year-over-year.

Days on Market

September’s median days on market (DOM) came in at 68 days — a 9 day increase over August’s median DOM of 59 days. Year-over-year, September’s DOM is 23 days higher than September 2021’s DOM.

Sales by Type

September sales by type, break out as follows:

• REO sales: 0.0% – unchanged from August’s 0.0%
• Short sales: 0.0% – unchanged from August’s 0.0%
• Subject to Court Approval sales: 2.8% – up over August’s 1.3%
• Relocation sales: 0.4% – down from August’s 0.7%
• Auction sales: 0.0% – unchanged from August’s 0.0%
• Other sales: 0.2% – up over August’s 0.0%
• Equity sales: 96.5% – down from August’s 98.0%

Sales by Price

September 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	2	0.4%	0.4%
200 – 299	5	1.1%	1.5%
300 – 399	53	11.5%	13.0%
400 – 499	128	27.8%	40.8%
500 – 599	98	21.3%	62.1%
600 – 699	66	14.3%	76.4%
700 – 799	31	6.7%	83.1%
800 – 899	18	3.9%	87.0%
900 – 999	16	3.5%	90.5%
1M – 1.499M	26	5.6%	96.1%
1.5M – 1.999M	8	1.7%	97.8%
2.0M+	10	2.2%	100%
total	461	100%

September’s median sold price for houses and condos combined was $500,000 — a 6.6 percent decrease from August’s median sold price of $535,390 for combined sales of houses and condos. Year-over-year, September’s combined number is down 0.1 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
Sep 2022	461	$535,000	$301.26	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
Jun 2022	461	$600,000	$326.70	43	1,159	580
May 2022	521	$615,000	$335.51	39	857	600
Apr 2022	493	$595,000	$329.78	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

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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 – October 4, 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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