Median home prices continue to set records across Northern Nevada, including Sparks hitting the $500,000 mark for the first time ever. On Aug. 6, the Reno/Sparks Association of Realtors released its July housing report for greater Reno-Sparks and Fernley.
For the Sparks market (including Spanish Springs), the median sales price for an existing single-family residence $500,000, an increase of 20.4% from last year and a 4% increase from the previous month’s record-high total of $481,750. Meanwhile, median prices in the Reno market (including North Valleys) came in at $554,000, an increase of 20.4% from last year and a 0.7% increase from June. As for Reno-Sparks as a whole, July’s median price of $530,000 was up 22% from July 2020 and unchanged from the previous month. “Even though home prices have risen, continued low mortgage interest rates keep the dream of homeownership alive for many buyers,” according to an Aug. 6 press release issued on behalf of RSAR.
In terms of numbers of existing single-family homes sold, RSAR’s July report concludes the following:
Reno/Sparks as a whole had 627 sales, a decrease of 12.7% from last year and a 2.2% decrease from the previous month.
Reno/North Valleys had 431 sales, down 9.3% from last year and down 6.9% from the previous month.
Sparks/Spanish Springs had 196 sales, down 9.3% from last year and down 10.1% from the previous month.
Of note, greater Reno/Sparks saw 718 new home listings in July, representing a 10.1% increase from June 2021. “This means that buyers are beginning to find more selection of available homes as they work with their Realtor,” RSAR President Gary MacDonald said in a statement. One other key statistic for greater Reno/Sparks included in the July report: The median price of an existing condominium/townhome was $294,000, an increase of 10% from last year. Meanwhile, in Fernley, RSAR’s other reporting area, 69 homes were sold in July, a 30% increase from last year and a 5.5% decrease from the previous month. The median price came in at $355,000, up 26% from July 2020 and unchanged from the previous month. Go here for details from the July report. RSAR compiles monthly reports based on information derived from the Northern Nevada Regional MLS.