Million-dollar home sales in Reno up 54 percent in 3rd quarter
RENO, Nev. — Average and median home prices rose through the third quarter of 2018, while volume sold remained flat, according to statistics analyzed by Chase International.
Per Chase, homes sold for more than $1 million were up 54 percent throughout Reno-Sparks, while those sold below $1 million were down 13 percent.
These figures are part of a quarterly report released by Chase International, comparing all MLS home sales from Jan. 1 through Sept. 30 to the same timeframe from 2017.
Sales volume in the area was up 2 percent, while the number of homes sold decreased by 12 percent. The median price of a home in the area was up 12 percent at $375,000, while the average price of a home was up to $414,645.
“Lack of inventory continues to push the median and average prices up, while luxury sales are the strongest we’ve seen in years,” Susan Lowe, corporate vice president for Chase, said in a statement.
While luxury sales remain strong, the sale of homes under $1 million is reflective of trends throughout the West. According to a recent report on pending home sales by the National Association of Realtors, the region saw the most decline from contract signings in August.
“The greatest decline occurred in the west region, where prices have shot up significantly; which clearly indicates that affordability is hindering buyers and those affordability issues come from lack of inventory, particularly in moderate price points,” added Lawrence Yun, chief economist of the National Association of Realtors, in a statement.
The Carson Valley saw an 82 percent increase in homes sold for more than one million dollars and a 13 percent decrease of homes sold for under the million mark. The median price of a home in Carson Valley was up 29 percent to $471,965.
The news comes on the heels of a luxury home report from Nevada State Bank that showed in 2019, Northern Nevada’s high-value real estate market accounted for 418 home sales in 2019, an increase of 4.8 percent over 2018. The average luxury home price was over $1.8 million in 2019.