Median home prices across greater Reno-Sparks remained at $530,000 for the fourth straight month in September, according to new statistics released Oct. 6 by the Reno/Sparks Association of Realtors.
The median represents an increase of 20.5% from September 2020, according to RSAR's September 2021 report.
Breaking things down by region, the Sparks/Spanish Springs market set a new median home price record last month of $504,000, up 1.4% from August 2021’s median of $496,950 and up roughly 20% from a year ago.
The previous Sparks record of $500,000 was set in July of this year. For Reno/North Valleys, last month’s median price was $550,000, an increase of 19.6% from last year and essentially unchanged from August 2021.
“With housing prices remaining constant for the fourth consecutive month, buyers can now be more confident in their decision to enter the market,” Gary MacDonald, 2021 RSAR president, said in a statement. “Homes are still selling fairly quickly, so it’s imperative to work with an experienced Realtor who can help with the homebuying process.”
According to RSAR, the average closing time for a home sale in September was just eight days from the time the property was listed for it to go under contract. Across all Reno-Sparks, 582 single-family homes were sold in September, a decrease of 16.7% from last year and a 3.7% increase from August 2021.
In Reno/North Valleys, 406 homes were sold, down 17% from last year and up 4.4% from the previous month. In Sparks/Spanish Springs, 194 homes were sold, down 14.9% from last year and down 2.5% from August 2021. Over in Fernley, RSAR’s other reporting area, the median single-family home price was $371,250 in September, an increase of 29.2% from last year and up 3.4% from the previous month. Fernley had 54 home sales last month, up 3.8% from last year and down 18.2% from August 2021. Meanwhile, the median sales price of an existing condominium/townhome in greater Reno-Sparks was $282,500 in September, an increase of 4.8% from last year. Go to rsar.net/market-monitors for the full September report. RSAR compiles monthly reports based on information derived from the Northern Nevada Regional MLS.