Reno-Sparks median home price dips slightly to $444,900 in September

RENO, Nev. — On Oct. 6, the Reno/Sparks Association of Realtors released statistics for the month of September, reporting a median price of $440,000 for an existing single-family home across greater Reno-Sparks.

That figure is slightly down, 1.1%, from August’s region-wide mark of $444,900 and up 11.4% from September 2019.

Meanwhile, RSAR’s September report showed continued strong sales volume with 680 homes sales last month, up 17.4% from last year and a 3.8% increase from August.

“This remains a robust sellers’ market as the inventory of homes for sale in Reno and Sparks is currently less than a one-month supply, while the national average is a four-month supply,” said Realtor Erika Lamb, 2020 president of the RSAR board. “Properties listed under $600,000 are in high demand, averaging less than a month on the market before going into contract.”

When looking solely at the Reno submarket (which includes North Valleys), September’s median home price came in at $461,550, an increase of 14% from September 2019 and down 1.5% from August’s record high of $469,000.

Meanwhile, the median home price in September for the Sparks submarket (including Spanish Springs) was $415,000, same as August and up 9.2% from September 2019.

Below are a few other highlights from RSAR’s September report:

• In Reno (including North Valleys), 478 homes were sold, an increase of 17.4% from last year and up 8.1% from the previous month.
• In Sparks/Spanish Springs, 202 homes were sold, an increase of 17.4% from last year and down 5.2% from the previous month.
• The condo/townhome median price across greater Reno-Sparks was $269,250, up 26.4% from last year.
• The condo/townhome median price in Reno/North Valleys was $275,000, an increase of 18.8% from last year.
• The condo/townhome median price in Sparks/Spanish Springs was $240,000, an increase of 23.4% from last year.
• In Fernley, 51 homes were sold, up 24.4% from last year and down 10.5% increase from August’s 55 homes sold. Fernley’s median home price came in at $289,900, up 24.4% from September 2019 and down 3.4% from August’s median price of $299,900.

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