Reno’s median home price inching closer to $500,000

RENO, Nev. — Another month, another record high for median home prices in Reno.

On Tuesday, the Reno/Sparks Association of Realtors released statistics for the month of August, showing the median price for an existing single-family home in the Reno submarket (which includes North Valleys) was $469,000, an increase of 14.4% from August 2019 and up 2.5% from July’s record high of $459,900.

The median home price in August for the Sparks/Spanish Springs submarket came in at $415,000, unchanged from last month’s record high and a 9.2% increase from August 2019.

The median price for all Reno/Sparks, meanwhile, came in at $444,900 in August, up 11.5% from last year and a 2.4% increase from July, according to RSAR.

“This is one of the best times in recent history for homeowners to list their homes for sale,” Realtor Erika Lamb, president of RSAR, said in a press release. “Demand is strong, inventory is low and buyers are eager to take advantage of very low mortgage interest rates.”

Meanwhile, condo/townhome sales are also on the rise — the median price for condos across greater Reno/Sparks in August was $248,255, an increase of 20.2% from last year.

Overall, Reno/Sparks recorded 644 sales single-family home sales in August, a decrease of 3.2% from last year and a 13.4% decrease from July.

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

• In Reno/North Valleys, 432 homes were sold, up 0.2% from last year and down 12.2% from the previous month.
• The condo/townhome median price in Reno/North Valleys was $254,500, an increase of 22.1% from last year.
• In Sparks/Spanish Springs, 212 homes were sold, an increase of 9.8% from last year and down 15.9% from the previous month.
• The condo/townhome median price in Sparks/Spanish Springs was $222,450, an increase of 8.5% from last year.
• In Fernley, meanwhile, 55 homes were sold, up 10% from last year and a 3.8% increase from July. Fernley’s median home price came in at $299,900, up 13.2% from August 2019 and up 6.7% from July.

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.