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Growth continues for area home prices, number of sales

By ThisIsReno

Sellers continue to have an advantage in northern Nevada’s real estate market based on data from the Reno/Sparks Association of Realtors (RSAR) June 2021 existing home sales report. The median price for an existing single-family home in the Reno-Sparks region rose 5.7% from May–up to $530,000–reflecting a more than 30% increase year over year.

Homes aren’t staying on the market for long either, experts note.

“Tight inventories of homes for sale continue to define the current market,” said Gary MacDonald, president of RSAR. “While 633 existing homes were sold during the month, 634 were listed for sale. With the low supply of homes for sale, buyers need to be vigilant in their home search.”

The number of homes sold jumped just over 17% from May, and 12% from a year earlier, indicating that despite rising prices, buyers are still coming to the table.

Some areas in northern Nevada are seeing sharper increases than others.

The number of single-family homes sold in Reno, including the North Valleys, rose by nearly 25% from May while the median sales price held steady at $550,000.

Meanwhile, the median sales price for single-family homes in Sparks, including Spanish Springs, rose a little more than 6% from May and sales increased by 1.2% month-over-month. Total sales were down from the same time in 2020 by nearly 6%.

Fernley saw the largest growth in percentage of homes sold, jumping by nearly 47% from May to June with 72 total homes sold. Prices have remained somewhat steady during that time, however, increasing just 1.6%. Overall, home prices in the area have risen by nearly 30% from June 2020.

RSAR offers additional market insights in its monthly report, available here.

Source: RSAR

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