Reno-Sparks median home price increases to $540,000

CORRECTION: This story and headline have been updated to correctly report the October 2021 median home price of $540,000 is not a record high for Greater Reno-Sparks. The record of $550,000 was set in May 2021. The NNBW apologizes for the error.

After four straight months of median home prices across Reno-Sparks staying steady at $530,000, that number increased slightly in October, according to the Reno/Sparks Association of Realtors’ latest monthly report.

The $540,000 median price is the highest ever recorded for the region, according to the Nov. 9 report. It represents an increase of 18.6 percent from October 2020 and a 1.9 percent increase from the previous month.

Three years ago, the median price was $375,000 — equating to a 44 percent increase from 2018.

According to historical data compiled by Reno Realtor Guy Johnson on his blog, Reno Realty Blog — his stats are derived from the Northern Nevada Regional Multiple Listing Service — since the start of the century, the Reno-Sparks median price bottomed out at $135,000 in January 2012; comparing that figure to October 2021, it’s a 300 percent increase.

Meanwhile, according to the October 2021 report, newly listed homes were under contract an average of nine days after hitting the market. Further, the 540 homes on the market represented less than one month of inventory at the current pace of sales.

“The market appears to be moving steadily into better balance,” Gary MacDonald, president of the RSAR board, said in a statement. “Although inventories remain quite tight, price increases generally have been modest since mid-summer.”

Following are other key statistics from RSAR’s October 2021 report:

• Greater Reno-Sparks recorded 565 sales of existing single-family homes, a decrease of 10.5 percent from last year and a 4.7 percent decrease from the previous month.
• 390 of those homes were sold in the Reno market, which includes North Valleys, a decrease of 12.4 percent from last year and down 5.6 percent from September.
• The 175 sales recorded in Sparks, which includes Spanish Springs, is down 5.9 percent from October 2020 and down 2.8 percent from the previous month.
• The median price in Reno/North Valleys was $550,000, an increase of 13.4 percent from last year and unchanged from September 2021.
• In Sparks / Spanish Springs, October’s median price was $498,000, up 21 percent from a year ago and down 1.4 percent from September.
• The median sales price of an existing condominium/townhome in Greater Reno-Sparks was $298,750, an increase of 16.7 percent from last year.

Over in Fernley, RSAR’s other reporting area, the median single-family home price was $359,950 in October, an increase of 13.3 percent from last year and down 2.7 percent from September.

Fernley had 44 home sales last month, a 27 percent decrease from last year and a 20 percent decrease from the previous month.

Go to rsar.net/market-monitors for the full October report.

RSAR compiles monthly reports based on information derived from the Northern Nevada Regional MLS.