Reno real estate: Record-high $567,000 median home price for November

The median price for a single-family home in Reno jumped to a record-high $567,000 in November, according to the Reno/Sparks Association of Realtors.

It’s an increase of 16.9 percent from last year and a 3.1 percent increase from the previous month for the Reno market, which includes North Valleys, according to RSAR’s November 2021 report, released Dec. 10.

It’s also a 2.6 percent increase from the previous record high of $552,507 in August of this year.

In the Sparks market, which includes Spanish Springs, the median sales price was $500,000 in November, an increase of 22.3 percent from last year and up less than 1 percent from October.

Across Reno/Sparks as a whole, November’s median price was $535,000, up 18.2 percent from last year and down less than 1 percent from the previous month’s record high of $540,000.

Meanwhile, the number of closed transactions totaled 533 in November across Reno/Sparks, “reflecting the typical seasonal slowdown in home sales,” according to the report, which also notes that the current inventory of 400 homes for sale represents “a very tight market.”

“Newly listed homes are going under contract in an average of 17 days,” Gary MacDonald, 2021 RSAR board president, said in a statement. “Buyers need to be sure they have good advice from a Realtor and are well-prepared to move quickly to make an offer that will be accepted.”

Below are other key statistics included in RSAR’s November 2021 report:

• Across Reno/Sparks, the 533 single-family homes sold is down 12.2 percent from last year and down 6.5 percent October.
• In Reno/North Valleys, 359 homes were sold, down 16.1 percent from last year and down 8.9 percent from the previous month.
• In Sparks/Spanish Springs, 174 homes were sold, down 2.8 percent from last year and down 1.1 percent from the previous month.
• The median sales price of an existing condominium/townhome in Reno/Sparks was $286,750, an increase of 4.3 percent from last year.
• In Reno/North Valleys, the condo price was $307,900, up 10.8 percent from last year.
• In Sparks/Spanish Springs, the $272,000 condo price is up 17.7 percent from last year.

Meanwhile, in the Fernley market, RSAR’s other reporting area, 53 homes were sold in November; that’s down 7 percent from last year and up 23.3 percent from the previous month. The median home price in Fernley was $365,900, up 17.7 percent from last year and a 1.4 percent increase from the previous month.

Go to rsar.net/market-monitors for the full November report from RSAR, which compiles data based on information derived from the Northern Nevada Regional MLS.

Across the region, median home prices continue to be up and down heading into the holidays. Here are updated statistics, according to the Sierra Nevada Realtors association’s November 2021 report, for other markets:

• Gardnerville/Minden/Topaz: $606,066 median price, up 5.9 percent from October
• Carson City: $509,750, up 8.8 percent from October
• Fallon: $335,860, down 1.1 percent from October
• Lyon County: $339,950, down 4.2 percent from October

Go to sierranevadarealtors.org/market-data to read more.