Reno's median home price hits $550,000 as inventory further tightens

Gardnerville ($560K), Carson City ($455,000), Fernley ($352K) also on the rise

An overview of May's real estate stats for the Reno market, compared to the previous month.

An overview of May's real estate stats for the Reno market, compared to the previous month. Courtesy: RSAR

Another month, another record-high median home price for greater Reno-Sparks.

On June 8, the Reno/Sparks Association of Realtors released its May 2021 report, highlighted by a $550,000 median sales price for existing single-family homes in the Reno/North Valleys market, besting the previous record of $515,000 in March. It’s a whopping 37.5% year-over-year increase from May 2020.

What’s more, last month was the first-ever time Reno-Sparks as a whole breached the $500,000 median home price mark: May 2021’s median of $502,000 was a 1.5% increase from April’s $494,500 mark — and a 25.5% increase from May 2020, when the price was $399,900.

Meanwhile, the median home price in Sparks/Spanish Springs came in at $453,500 in May — while that’s down 1.4% from April’s record-high median of $456,000, it’s still up a generous 17.8% from May 2020.

The upticks come amid decreases in both active inventory and days to contract across Reno-Sparks — the latter coming in at just 14 days in May 2021, marking a 23.8% decrease from the previous month.

The combination is a byproduct of the fact more buyers are making all-cash offers for homes, meaning “buyers who rely on traditional mortgage financing need to make sure their offers remain competitive,” according to RSAR’s June 8 report.

“The inventory of homes for sale continued to tighten during May,” Gary MacDonald, RSAR president, said in a statement. “The active inventory at the end of the month declined by 13% and stood at 300 homes — well under a month’s supply at the current pace of sales.”

Below are some other highlights from the May 2021 report:

  • Reno/Sparks recorded 535 single-family home sales, an increase of 32.4% from last year and an 8.1% decrease from April 2021.
  • Of that total, 368 sales occurred in Reno/North Valleys — up 29.1% from last year and down 12.6% from the previous month.
  • The other 167 home sales occurred in Sparks/Spanish Springs — up 40.3% from last year and up 3.7% from April 2021.
  • The median sales price of an existing condominium/townhome in Reno/Sparks was $315,000, up 16.7% from last year. In Reno, the median was $317,450, up 17.6% from last year, while the median in Sparks was $297,000, up 3.5% from a year ago.

According to historical data compiled by Reno Realtor Guy Johnson on his blog, Reno Realty Blog, May 2021’s regional median price of $502,000 represents a 235% increase from 10 years ago, when the median price came in at $150,000 in May 2011.

Since the start of the century, the Reno-Sparks median price bottomed out at $135,000 in January 2012; comparing that figure to May 2021, it’s a 272% increase.

It’s not just greater Reno/Sparks that’s seeing increased home prices.

RSAR also covers the Fernley market. There, the median home price for May 2021 came in at a record-high $352,500, an increase of 40% from May 2020 and up 6.8% from April 2021. In all, 49 homes were sold in Fernley last month — up 53.1% from May 2020 and down 9.3% from April 2021.

Branching out in Northern Nevada, following are median sold prices reported in May 2021 by the Sierra Nevada Realtors association for other main markets:

  • Carson City: $455,000, up 8.4% from April 2021
  • Fallon: $275,000, down 7.9%
  • Gardnerville/Minden/Topaz: $560,000, up 6.4%
  • Lyon County: $389,500, up 3.9%
  • Lake Tahoe, East Shore: $1.16 million, down 31.6% (12 total homes sold in May)

Meanwhile, in Incline Village, the median home price was $1.8 million in May, when 12 homes were sold, according to the Incline Village Realtors group. It’s a considerable decrease from April’s median price of $2.73 million (comprised of 16 home sales).

All three Realtor Associations compile monthly reports based on information derived from the Northern Nevada Regional MLS.


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