Reno’s median home price tilts to $430,000 to kick off 2020 | nnbw.com
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Reno’s median home price tilts to $430,000 to kick off 2020

NNBW staff report
This infographic created by RSAR shows January 2020 statistics for single-family home sales in the Reno market (which includes North Valleys), compared to the same stats in January 2019.
Courtesy RSAR

RENO, Nev. — Earlier this month, the Reno/Sparks Association of Realtors released its January 2020 report on existing home sales in Reno/Sparks and Fernley, highlighted by a median home sales price in Reno of $430,000.

According to a press release derived from the report, the greater Reno/Sparks region had 377 home sales last month, a 16 percent increase from last year and a 27 percent decrease from December 2019.

The median home price in Reno/Sparks in January was $405,000 — an increase of 12 percent from last year and a 3 percent increase from last month. The median sales price of an existing condominium/townhome in Reno/Sparks in January was $246,000, an increase of 33 percent from a year ago.

When looking solely at Reno (including North Valleys), 253 homes were sold, an increase of 6 percent from last year and a 30 percent decrease from December. The median home sales price in Reno was $430,000, a 13 percent increase from January 2019 and a 6 percent increase from last month. The median price for a condo/townhome was $255,750, a 46 percent increase from last year.

“Median prices are up from January last year, but we are also seeing a greater number of homes sold,” Erika Lamb, president of RSAR and broker at Welcome Home Real Estate & Property Management, said in a statement. “January days to contract was down slightly to 69 days, telling us that properties are moving quickly.

“Inventory is still extremely low at 1.8 months of supply, which is why buyers are finding limitations with housing choices in the market.”

Meanwhile, when looking solely at Sparks (including Spanish Springs), 124 homes were sold, a 43 percent increase from January 2019 and a 22 percent decrease from December 2019. The median home price was $369,000 last month, a 9 percent increase from January 2019 and a 1 percent increase from December 2019. The median price for a condo/townhome was $215,000, a 12 percent increase from last year.

The report also indicated that Fernley had 38 home sales, an increase of 36 percent from January 2019 and a 10 percent decrease from December 2019. The median home price in Fernley was $275,250, a 6 percent increase from January 2019, and less than 1 percent increase from last month.

Go here to learn more about RSAR and to read recent market reports.