Another month, another record for the median home price in Reno-Sparks.
The Reno-Sparks metro posted a median sales price of $615,000 for existing homes in May, according to the Reno/Sparks Association of Realtors.
It is the first time that the combined median home price for both cities reached the $600,000 mark. The previous record was $595,000, which was just set recently in April. The numbers are limited to existing stick-built houses and do not include townhomes, condominiums or new housing.
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The record median home price was accompanied by a significant year-over-year increase in new listings as concerns about rising interest rates pushed more sellers to put their homes on the market. Reno-Sparks reported 735 new listings, up by more than 18% over May of last year. Active inventory also doubled to 785 compared to 376 during the same period in 2021.
“Higher mortgage rates are causing buyers to take a step back from trying to purchase a home,” said RSAR President Sarah Scattini. “While mortgages are on the rise, we’re seeing an influx in homes being put on the market due to sellers wanting to take advantage of the red-hot housing market before a potential cool down, so inventory is growing more rapidly.”
Reno-Sparks saw 517 unit sales in May, up 4.4% from the previous month but down 5% from the same period last year.
In Reno, the median home price in May was $630,000 tying the record set during the previous month. Instead, it was Sparks that pushed the combined median to a new high, posting a median home price of $570,000. The number is up by 3.6% from April and almost 26% above the median price posted during May of last year.
Days to contract remain short at just seven days on average, according to the RSAR.
The ratio between sales activity and supply also remained tight with the market having about one and a half months’ worth of inventory. The metric measures how fast existing supply would be sold out at the current pace of home sales if no new inventory entered the market. The number means Reno-Sparks remains well within a sellers’ market. Historically, six months of supply is considered a balanced market between sellers and buyers.
Here is the latest housing data for the Reno-Sparks market.
Jason Hidalgo covers business and technology for the Reno Gazette Journal, and also reviews the latest video games. Follow him on Twitter @jasonhidalgo. Like this content? Support local journalism with an RGJ digital subscription.