Reno-Sparks home sales plummet! Median sales price bumps up a bit in October — now at $540,000 — YOY median change flat!
The median home sales price for the Reno, Nevada metro area increased to $540,000 in October — a 0.9 percent month-over-month increase. Year-over-year, October’s median sales price is now equal to October 2021’s median sales price of $540,000.
However, those numbers do not consider the rate of inflation. Taking into account the annual inflation rate [8.2% according to U.S. Labor Department’s latest data], today’s home values are effectively lower than a year ago.
October’s median sold price per square foot (PPSF) was down 0.9 percent from September’s sold PPSF. Year-over-year, October’s median sold PPSF was down 1.3 percent.
Homes Sold
Home sales fell sharply in October. The 376 homes sold in October represents a 20.8 percent decrease month-over-month; and a whopping 34.0 percent drop year-over-year!
Inventory
Available inventory fell 3.6 percent from this time last month. 1,212 homes are currently available for purchase in the Reno-Sparks market — representing 3.2 month supply of inventory.
Year-over-year, overall available inventory is up a remarkable 136.7 percent.
412 homes are presently pending sale in the Reno-Sparks market. That number is down 20.8 percent from September’s 520 pending sales this time last month; and is down a whopping 47.8 percent year-over-year! Expect weak November sales.
Days on Market
October’s median days on market (DOM) came in at 76 days — a one week increase over September’s median DOM of 69 days. Year-over-year, October’s DOM is 29 days higher than October 2021’s DOM.
Sales by Type
October sales by type, break out as follows:
- REO sales: 0.3% – up over September’s 0.0%
- Short sales: 0.0% – unchanged from September’s 0.0%
- Subject to Court Approval sales: 2.1% – down from September’s 2.8%
- Relocation sales: 0.5% – up over September’s 0.4%
- Auction sales: 0.0% – unchanged from September’s 0.0%
- Other sales: 0.2% – unchanged September’s 0.2%
- Equity sales: 96.8% – up over September’s 96.5%
Sales by Price
October 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 | 1.9% | 1.9% |
| 300 – 399 | 43 | 11.4% | 13.3% |
| 400 – 499 | 89 | 23.6% | 36.9% |
| 500 – 599 | 88 | 23.4% | 60.3% |
| 600 – 699 | 49 | 13.0% | 73.3% |
| 700 – 799 | 42 | 11.2% | 84.5% |
| 800 – 899 | 12 | 3.2% | 87.7% |
| 900 – 999 | 10 | 2.7% | 90.4% |
| 1M – 1.499M | 22 | 5.9% | 96.3% |
| 1.5M – 1.999M | 8 | 2.1% | 98.4% |
| 2.0M+ | 6 | 1.6% | 100% |
| total | 376 | 100% |
October’s median sold price for houses and condos combined was $520,000 — a 4.0 percent increase over September’s median sold price of $500,000 for combined sales of houses and condos. Year-over-year, October’s combined number is up 5.9 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 |
| Oct 2022 | 376 | $540,000 | $303.90 | 76 | 1,212 | 412 |
| Sep 2022 | 475 | $535,320 | $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 |
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 – November 5, 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.
sonicboom
You have an error in your chart. Unless the median is truly $450,000, I presume you meant it to say $540,000.
Guy Johnson
Hey sonicboom! Thank you very much for catching that typo, and for making me aware. I really appreciate that!
I have made the correction.