The median home sales price in Reno set a new record of $459,900 in July, representing a 9.5% increase from July 2019 and a 10.8% uptick from June 2020.
RENO, Nev. — Due to ever-increasing demand and decreasing supply for residential real estate in Northern Nevada amid the COVID-19 pandemic, median home prices across greater Reno-Sparks set record highs in July.
Specifically in Reno (a submarket that includes the North Valleys), the median sales price for an existing single-family residence was a record-high $459,900, representing a 9.5% increase from July 2019 and a 10.8% uptick from June 2020, according to statistics released Aug. 7 by the Reno/Sparks Association of Realtors.
“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,” RSAR reports in the press release.
Meanwhile, the median home price in Sparks (which includes Spanish Springs) in July came in at $415,000, up 8.6% from last year and up 5.3% from June; according to RSAR, it marks the first time ever Sparks’ median home price topped $400,000.
Putting it all together, the greater Reno-Sparks region’s median home price in July was $435,000 — an increase of 7.1% from July 2019 and up 7.4% from the previous month.
“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,” Erika Lamb, RSAR presidentand Broker-Owner of Welcome Home Real Estate & Property Management, said in a statement. “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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RELATED: Despite COVID-impacted increase in demand, area housing permits ‘way behind where we should be’
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Below are other highlights from RSAR’s July report:
RSAR culls its statistics from the Northern Nevada Regional Multiple Listing Service; go to rsar.net/market-reports for full stats from July and other months.
On Aug. 3, the Private Bank by Nevada State Bank released the latest edition of its High Net Worth Report series. Issue 1 of 2020 reviews the luxury housing markets in Nevada.
Highlights from the report include:
“Nevada saw sustained economic growth in 2019, leading to another increase in luxury home purchases in the state’s two largest urban areas,” said James Rensvold, Executive Vice President and Director of Private Banking. “Although the COVID-19 pandemic has deeply affected our economy, the positive trends of 2019 provide reason for optimism through the crisis and into the future.”
The Private Bank High Net Worth Report is available Nevada State Bank’s website at www.nsbank.com/HNWreport.
-->RENO, Nev. — Due to ever-increasing demand and decreasing supply for residential real estate in Northern Nevada amid the COVID-19 pandemic, median home prices across greater Reno-Sparks set record highs in July.
Specifically in Reno (a submarket that includes the North Valleys), the median sales price for an existing single-family residence was a record-high $459,900, representing a 9.5% increase from July 2019 and a 10.8% uptick from June 2020, according to statistics released Aug. 7 by the Reno/Sparks Association of Realtors.
“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,” RSAR reports in the press release.
Meanwhile, the median home price in Sparks (which includes Spanish Springs) in July came in at $415,000, up 8.6% from last year and up 5.3% from June; according to RSAR, it marks the first time ever Sparks’ median home price topped $400,000.
Putting it all together, the greater Reno-Sparks region’s median home price in July was $435,000 — an increase of 7.1% from July 2019 and up 7.4% from the previous month.
“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,” Erika Lamb, RSAR presidentand Broker-Owner of Welcome Home Real Estate & Property Management, said in a statement. “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.”
================================================================
RELATED: Despite COVID-impacted increase in demand, area housing permits ‘way behind where we should be’
================================================================
Below are other highlights from RSAR’s July report:
RSAR culls its statistics from the Northern Nevada Regional Multiple Listing Service; go to rsar.net/market-reports for full stats from July and other months.
On Aug. 3, the Private Bank by Nevada State Bank released the latest edition of its High Net Worth Report series. Issue 1 of 2020 reviews the luxury housing markets in Nevada.
Highlights from the report include:
“Nevada saw sustained economic growth in 2019, leading to another increase in luxury home purchases in the state’s two largest urban areas,” said James Rensvold, Executive Vice President and Director of Private Banking. “Although the COVID-19 pandemic has deeply affected our economy, the positive trends of 2019 provide reason for optimism through the crisis and into the future.”
The Private Bank High Net Worth Report is available Nevada State Bank’s website at www.nsbank.com/HNWreport.
