Top Market Insights
The Reno/Sparks Association of REALTORS® (RSAR) today released its July 2020 report on existing home sales in Reno/Sparks and Fernley, including median sales price and the number of home sales in the region. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service.
During the month of July, RSAR saw…
- A sharp rebound in market activity, with the number of closed sales rising almost 30 percent above the June level.
- A median price of $435,000 for an existing single-family home in Reno, an increase of 7.4 percent from June.
- A total of 658 new listings on the market, a figure that’s down by 14.8 percent from the same month a year ago.
“The Reno/Sparks market has an extremely low market supply of homes; our inventory is less than one month supply which is well below the national average of four months’.” said Erika Lamb, President of the Reno/Sparks Association of REALTORS® and Broker-Owner of Welcome Home Real Estate & Property Management. “As a result of the record low housing inventory combined with the low interest rates, buyers are moving quickly on newly listed homes, many times competing with multiple offers.”
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The combination of continued strong job growth in Northern Nevada with mortgage interest rates that are near record lows is resulting in one of the region’s most robust residential real estate markets in recent memory.
More information, divided by region, is provided below. All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes unless otherwise stated.
Reno/Sparks
- In July 2020, Reno/Sparks had 718 sales of existing single-family homes, an increase of 18.3 percent from last year and a 28.9 percent increase from the previous month.
- The median sales price for an existing single-family residence in Reno/Sparks was $435,000, an increase of 7.1 percent from last year and a 7.4 percent increase from the previous month.
- The median sales price of an existing condominium/townhome in Reno/Sparks in July 2020 was $266,995, an increase of 18.7 percent from last year.
Reno (including North Valleys)
- In July 2020, Reno (including North Valleys) had 475 sales of existing single-family homes, an increase of 8.7 percent from last year and a 27 percent increase from the previous month.
- The median sales price for an existing single-family residence in Reno was $459,900, an increase of 9.5 percent from last year and a 10.8 percent increase from the previous month.
- The existing condominium/townhome median sales price in July 2020 in Reno was $268,500, an increase of 3.9 percent from last year.
Sparks (including Spanish Springs)
- In July 2020, Sparks (including Spanish Springs) had 243 sales of existing single-family homes, an increase of 42.9 percent from last year and a 32.8 percent increase from the previous month.
- The median sales price for an existing single-family residence in Sparks was $415,000, an increase of 8.6 percent from last year and a 5.3 percent increase from the previous month.
- The existing condominium/townhome median sales price for July 2020 in Sparks was $249,250, an increase of 22.2 percent from last year.
Fernley
- In July 2020, Fernley had 53 sales of existing single-family homes, a 5.4 percent decrease from last year and a 1.9 percent increase from the previous month.
- The median sales price in Fernley for an existing single-family residence was $281,000, an increase of 5.4 percent from last year and a 1.6 percent increase from the previous month.
About The Reno/Sparks Association of REALTORS® (RSAR):
The Reno/Sparks Association of REALTORS® is an organization providing services to its members to ensure their success as real estate professionals, as well as protecting and promoting the consumer’s dream of homeownership. For more information, visit rsar.realtor.
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