Reno-Sparks, NV median home price increases for the 4th consecutive month! Home sales and inventory tick up.
The Reno-Sparks real estate market in May 2023 continued to show signs of stability, with a steady increase in the median sales price of homes in the Reno metro area for the fourth consecutive month.
The median sales price for homes (SFRs) in May 2023 was $555,000, which is a 3.3% increase from the previous month, however is down 9.8% from the same period last year — when the median home price peaked at $615,000 in May 2022.
The median sold price per square foot (PPSF) also increased in May 2023 to $295.19, a 0.7% increase from the previous month, however a 12.0% decrease from the same period last year.
The number of homes sold in May 2023 was 412, which is a 10.2% increase over the previous month and a noteworthy 20.9% decrease from the same period last year.
The current available inventory of homes listed and available for purchase is 694, which is a 14.5% increase from this time last month, however a 19.0% decrease from the same time last year.
The number of current pending sales is 560, a 5.3% increase over the previous month, however a 6.7% decrease from this time last year.
Despite the increase in available inventory the months’ supply of inventory (MSI) in May 2023 was 1.7 months of supply, which indicates a seller’s market. This figure is calculated by dividing the available inventory by the number of homes sold last month. A balanced market is generally considered to be between four and six months of supply.
May’s median days on market (DOM) came in at 49 days — a decrease of 9 days from April’s median DOM. Year-over-year, May’s DOM is 10 days higher than May 2022’s DOM number.
The quartile chart below shows the changes to the 1st, 2nd, and 3rd quartiles of monthly sale prices spanning the most recent 13 months.
This interactive chart allows readers to compare sales price trends within a quartile to the trends in the other quartiles. For example, as can be seen in the chart above, while home prices in quartiles 1 and 2 (the lowest-priced houses and the median-priced houses, respectively) increased 1.6 and 3.3 percent, respectively, for the month; home prices in quartile 3 (highest-priced houses) decreased 1.2 percent in May.
The median sales price for condo/townhomes in May 2023 was $345,000, which is a 9.5% increase over the previous month, up 9.4% from the same period last year.
Overall, the May 2023 Reno-Sparks real estate market continued to show strength, with the SFR median sales price and PPSF steadily increasing. The number of homes sold increased, and the available inventory rose modestly. The MSI remained low, indicating that the market is still favoring sellers.
13 Months of SFR Sales Data
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 |
| May 2023 | 412 | $555,000 | $295.19 | 49 | 694 | 560 |
| Apr 2023 | 374 | $537,475 | $293.19 | 58 | 606 | 532 |
| Mar 2023 | 406 | $529,250 | $287.30 | 75 | 550 | 512 |
| Feb 2023 | 276 | $512,500 | $286.73 | 86 | 550 | 523 |
| Jan 2023 | 239 | $510,000 | $289.13 | 86 | 645 | 465 |
| Dec 2022 | 337 | $519,950 | $284.81 | 79 | 795 | 327 |
| Nov 2022 | 350 | $550,000 | $294.23 | 73 | 1,012 | 376 |
| Oct 2022 | 377 | $540,000 | $304.17 | 76 | 1,212 | 412 |
| Sep 2022 | 476 | $531.910 | $301.34 | 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 |
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 – June 9, 2023. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data dating back to 1998 click here.
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