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.
2 Responses
You have an error in your chart. Unless the median is truly $450,000, I presume you meant it to say $540,000.
Hey sonicboom! Thank you very much for catching that typo, and for making me aware. I really appreciate that!
I have made the correction.