'Very strong sellers' market': Reno real estate remains red hot in November

RENO, Nev. — Northern Nevada’s blistering real estate market stayed hot in November, with median home prices in Reno sticking at a record-high $485,000 and the number of homes sold across the region continuing to see significant increases from a year ago.

In November, 550 existing single-family homes were sold across Greater Reno Sparks, an increase of 20.9% from November 2019 and a 12% decrease from October of this year, according to updated monthly statistics published Dec. 8 by the Reno-Sparks Association of Realtors.

Meanwhile, the median home price across Reno-Sparks was $453,750 in November, up 13.4% from last year and down less than 1% from October’s price of $455,000, which was a record-high.

Breaking things down by market, the median home price in Reno (including North Valleys) was $485,000, a 17% uptick from last year and unchanged from October (which was also a record high).

In Sparks (including Spanish Springs), the median price in November was $410,000, an increase of 11% from last year and a decline of less than 1% from the previous month’s price of $412,000, which again was a record high.

“Our region’s continued strong sales activity combined with a significant drop in new listings is creating a very strong sellers’ market,” Realtor Erika Lamb, 2020 president of RSAR, said in a Dec. 9 statement. “On average during November, homes were under contract only 34 days after they were listed for sale. There is a strong need for listings. Most sellers choose to wait till after the holidays to list for sale.

“With the low inventory, we encourage sellers to consider listing sooner.”

Other highlights from RSAR’s November report are as follows:

• Reno / North Valleys recorded 384 sales of existing single-family homes in November, an increase of 19.3% from last year and a 12.7% decrease from October 2020.
• Sparks / Spanish Springs had 166 home sales in November, up 24.8% from last year and 10.3% decrease from October 2020.
• Across Greater Reno Sparks, the median price of a condo/townhome in November was $275,000, an increase of 19.4% from last year.
• In Reno / North Valleys, the median condo price was $278,000, up 12.8% from last year. In Sparks / Spanish Springs, the median condo price was $238,000, up 10.2% from last year.
• In Fernley, 53 homes were sold in November, an 8% increase from last year and a 10% decrease from October 2020. Fernley’s median home price came in at $302,000 in November — up 10% from last year and down 5% decrease from last year.

RSAR culls its statistics from the Northern Nevada Regional Multiple Listing Service; go to rsar.net/market-reports for full stats from November and other months.