Reno-Sparks median home price sets new record; units sold down 40% in April
RENO, Nev. — While the number of homes sold across greater Reno-Sparks decreased significantly in April due to the coronavirus, median home prices continue to rise, officials said recently.
On May 7, the Reno/Sparks Association of Realtors released its April 2020 report. The median price for a single-family home across Reno-Sparks last month set another record at $416,500, an increase of 10.5% from last year and a 0.4% increase from March’s record of $415,000.
When looking solely at Reno (including North Valleys), April’s median price was $439,500, up 9.9% from last year and 2.2% from March. In Sparks (including Spanish Springs), the median home price last month was $386,450.
Meanwhile, greater Reno/Sparks reported 374 sales of existing single-family homes in April, a decrease of 39.8% from last year and a 26.2% decrease from March. Specific to Reno, 252 homes were sold in April, down 31% and 30.4%, respectively.
According to RSAR, the decreases are in part due to extended closing times to allow for precautions necessary during the governor’s stay-at-home order.
“Real estate agents have adapted to the necessary ‘Stay at Home for Nevada’ directives by increasing the use of virtual showings of homes in April,” Erika Lamb, RSAR president, said in a May 7 statement. “Currently, there are 457 active listings in the Reno-Sparks area providing virtual tours to potential buyers. People are continuing to buy and sell homes in Nevada, and it’s our goal to ensure they do so safely.”
According to RSAR, accepted offers in April were within 98.9 percent of asking price, indicating property values remain strong.
Other highlights included in the April report from RSAR include:
- The median sales price in all of Reno-Sparks for an existing condominium/townhome was $230,000, a decrease of 5% from last year.
- Sparks (including Spanish Springs) had 122 sales of existing single-family homes, a decrease of 27.4% from last year and a 15.9 % from the previous month.
- Fernley had 38 sales of existing single-family homes, a 33.3% decrease from last year and a 24% decrease from the previous month.
- Fernley’s median home price in April was $273,450, up 1.7% from last year and a 2.4% from March 2020.
RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service. Go here for more information.
Heather Ashbridge, who started with Nevada State Development Corporation in 2008, previously served in several roles with the organization, including assistant vice president and loan officer. She is based in NSDC’s Reno office.