Reno-Sparks median sales price continues its correction — now at $565,000; YOY home sales are down 20.5%!
The median home sales price for the Reno, Nevada metro area pulled back to $565,000 in August — a 1.7 percent one-month decrease. The median sales price is now 8.1 percent below the all-time high of $615,000 set in May — and back to levels not seen since February of this year.
August’s median sales price is up 6.6 percent year-over-year.
August’s median sold price per square foot (PPSF) was down 3.2 percent from July’s sold PPSF. Year-over-year, August’s median sold PPSF was up 2.9 percent.
Homes Sold
Home sales climbed month-over-month. 447 homes sold in August. This number was up 4.4 percent from the 428 homes sold in July.
However, year-over-year, August’s home sales were down a 20.5 percent.
Inventory
Available inventory pulled back 6.6 percent from this time last month. 1,240 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 139.4 percent.
613 homes are presently pending sale in the Reno-Sparks market. That number is up 11.7 percent over July’s 549 pending sales this time last month; however is down 25.2 percent year-over-year.
Days on Market
August’s median days on market (DOM) came in at 59 days — a 9 day increase over July’s median DOM of 50 days. Year-over-year, August’s DOM is sixteen days higher than August 2021’s DOM.
Sales by Type
August sales by type, break out as follows:
- REO sales: 0.0% – unchanged from July’s 0.0%
- Short sales: 0.0% – unchanged from July’s 0.0%
- Subject to Court Approval sales: 1.3% – down from July’s 2.8%
- Relocation sales: 0.7% – up over July’s 0.2%
- Auction sales: 0.0% – unchanged from July’s 0.0%
- Other sales: 0.0% – unchanged from July’s 0.0%
- Equity sales: 98.0% – up over July’s 97.0%
Sales by Price
August 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 | 5 | 1.1% | 1.1% |
| 300 – 399 | 32 | 7.2% | 8.3% |
| 400 – 499 | 115 | 25.7% | 34.0% |
| 500 – 599 | 103 | 23.0% | 57.0% |
| 600 – 699 | 66 | 14.8% | 71.8% |
| 700 – 799 | 44 | 9.8% | 81.6% |
| 800 – 899 | 27 | 6.0% | 87.6% |
| 900 – 999 | 16 | 3.6% | 91.2% |
| 1M – 1.499M | 26 | 5.8% | 97.0% |
| 1.5M – 1.999M | 9 | 2.0% | 99.0% |
| 2.0M+ | 4 | 0.9% | 100% |
| total | 426 | 100% |
August’s median sold price for houses and condos combined was $535,000 — a 1.4 percent decrease from July’s median sold price of $542,386 for combined sales of houses and condos. Year-over-year, August’s combined number is up 9.2 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 |
| Aug 2022 | 447 | $565,000 | $309,79 | 59 | 1,240 | 613 |
| Jul 2022 | 428 | $574,755 | $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 |
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 – September 8, 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.
4 Responses
Thank you Guy! I look forward to your market report every month
My pleasure, Diana!
Thanks Guy! This information is great. I have used your data for about 6 years now and always appreciate it.
Thank you, Vic! I’m happy to hear that you find the market data useful. Thank you for reading the blog. ?