The median home price across Greater Reno-Sparks topped $570,000 in January, according to the Reno/Sparks Association of Realtors.
Sales activity slowed compared to December, according to the RSAR January 2022 report, but the 400 new listings on the market during January was 33 percent higher than the inventory of 300 during December.
“Prices remain very strong, and homes were under contract an average of only seven days after they were listed for sale during January,” Sarah Scattini, president of the Reno/Sparks Association of Realtors, said in a news release. “The slowing of sales activity compared with the same time last year hints, however, that rising mortgage interest rates may begin to cool the market.”
Reno/Sparks had 398 sales of existing single-family homes, a decrease of 24.5 percent from the previous month and a 4.2 percent increase from the previous year.
The $570,000 median sales price was an increase of 26.7 percent from last year and a 4.6 percent increase from the previous month.
The median sales price of an existing condominium/townhome in Reno/Sparks in January was $330,000, an increase of 33.1 percent from last year.
By region, Reno (including North Valleys) had 275 sales of existing single-family homes, a decrease of 26.5 percent from the previous month and no change from the previous year. The median sales price for an existing single-family residence was $600,000, an increase of 27.1 percent from last year and a 7.9 percent increase from the previous month. The median sales price of an existing condominium/townhome was $372,000, an increase of 30.5 percent from last year.
Sparks (including Spanish Springs) had 123 sales of existing single-family homes, an increase of 15 percent from last year and 19.6 percent decrease from the previous month. The median sales price for an existing single-family residence was $520,000, an increase of 22.4 percent from last year and a 1.2 percent increase from the previous month. The existing condominium/townhome median sales price for was $306,950, an increase of 55.4 percent from last year.
In Fernley, there were 42 sales of existing single-family homes, a 20.8 percent decrease from last year and a 2.3 percent decrease from the previous month. The median sales price for an existing single-family residence was $375,000, an increase of 21 percent from last year and a 3.6 percent increase from the previous month.
Go to rsar.net/market-monitors for the full reports from RSAR, which compiles data based on information derived from the Northern Nevada Regional MLS.
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