A month after median home prices in Reno catapulted to a never-before-seen mark of $500,000, the market cooled slightly in January, according to the latest monthly report released Feb. 9 by the Reno/Sparks Association of Realtors. The median sales price for an existing single-family residence for January was $470,500 for Reno (including North Valleys), an increase of 9.4% from last year and a 5.9% decrease from December’s record mark. Meanwhile, in Sparks (including Spanish Springs), the median home price for January was $415,847, up 12.4% from last year and a 3.2% increase from December. When combining both markets, Greater Reno-Sparks’ median home price was $446,702 in January, up 10.3% from a year ago and down less than 1% from December. Overall, the month was highlighted by decreased sales activity, which is typical for January, and continued “very tight inventories of homes for sale,” according to RSAR. “The current inventory of homes on the market is sufficient for only about two weeks of sales,” RSAR President Gary MacDonald said in a statement. “Buyers need to be ready to move speedily when they find the home they desire.” Below are other key statistics included in RSAR’s January report:
Greater Reno/Sparks recorded 370 home sales (270 in Reno and 100 in Sparks), a decrease of about 6% from January 2020 and a 33% decrease from December 2020.
The median sales price of an existing condominium/townhome in Greater Reno/Sparks was $245,250, a decrease of 9.8% from the previous month.
Reno’s median condo price was $274,000, while Sparks’ was $200,000.
The Fernley market recorded 42 home sales, a 7.7% increase from last year and a 34.4% decrease from December 2020. Fernley’s median home price was $310,000, up 12.7% from a year ago and relatively unchanged from December 2020.
RSAR’s monthly reports include information derived from the Northern Nevada Regional Multiple Listing Service. Go to rsar.net/market-monitors for full monthly insights.
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