Reno-Sparks, NV median sales price drops nearly 6% in one month! Home sales down 35% Y-o-Y!
The median home sales price for the Reno, Nevada metro area plummeted to $518,186 in December — a 5.8 percent decrease from November’s median sales price. Taking a look at historical median data, we see that the last time home prices were at this level was mid-2021.
Year-over-year, December’s median sales price is down 4.9 percent.
December’s median sold price per square foot (PPSF) fell 3.1 percent from November’s sold PPSF.
Year-over-year, December’s median sold PPSF was down 6.7 percent.
Homes Sold
Home sales also fell in December. The 338 homes sold in December represents a 3.4 percent decrease month-over-month; and is in alignment with typical seasonal observations. That being said, year-over-year, home sales are down 35.2%!
Inventory
Available inventory fell 21.4 percent from this time last month (again, there is seasonality at work here, as many would-be home sellers prefer not to place their homes on the market during the holidays). 795 homes are currently available for purchase in the Reno-Sparks market — representing a 2.4 months supply of inventory.
Despite the monthly drop in available inventory, year-over-year, available inventory is up a remarkable 181.9 percent.
327 homes are presently pending sale in the Reno-Sparks market. That number is down 13.0 percent from November’s 376 pending sales this time last month; and is down a whopping 40.2 percent year-over-year! Expect weak January sales.
Days on Market
December’s median days on market (DOM) came in at 79 days — a six day increase over November’s median DOM of 73 days. Year-over-year, December’s DOM is 26 days greater than December 2021’s DOM.
Sales by Type
December sales by type, break out as follows:
- REO sales: 0.9% – up over November’s 0.0%
- Short sales: 0.0% – unchanged from November’s 0.0%
- Subject to Court Approval sales: 2.7% – up over November’s 1.5%
- Relocation sales: 2.1% – up over November’s 0.2%
- Auction sales: 0.0% – unchanged from November’s 0.0%
- Other sales: 0.3% – up over November’s 0.0%
- Equity sales: 94.1% – down from November’s 98.2%
Sales by Price
December 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 | 9 | 2.7% | 2.7% |
| 300 – 399 | 56 | 16.6% | 19.3% |
| 400 – 499 | 93 | 27.5% | 46.8% |
| 500 – 599 | 60 | 17.8% | 64.6% |
| 600 – 699 | 49 | 14.5% | 79.1% |
| 700 – 799 | 27 | 8.0% | 87.1% |
| 800 – 899 | 7 | 2.1% | 89.2% |
| 900 – 999 | 7 | 2.1% | 91.3% |
| 1M – 1.499M | 19 | 5.6% | 96.9% |
| 1.5M – 1.999M | 6 | 1.8% | 98.7% |
| 2.0M+ | 5 | 1.5% | 100.0% |
| total | 376 | 100% |
December’s median sold price for houses and condos combined was $487,500 — a 4.6 percent decrease from November’s median sold price of $511,000 for combined sales of houses and condos. Year-over-year, December’s combined number is up 3.5 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 |
| Dec 2022 | 338 | $518,186 | $285.07 | 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 |
| 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 |
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 – January 6, 2023. 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.
2 Responses
Good work! Looking forward to the January 2023 numbers next.
Thank you, Ursula!