Reno-Sparks median home price dips to $399,900 in May

RENO, Nev. — After back-to-back record-setting months, median home prices in Reno-Sparks saw a downturn in May, including a nearly $40,000 month-to-month drop in Reno alone.

According to the Reno Sparks Association of Realtors' May 2020 market report, the median sales price for an existing single-family residence throughout the greater Reno/Sparks region came in at $399,900, a 2.5% increase from May 2019 and a 3.6% decrease from April, which saw a record-high median price of $416,500.

According to previous reports, RSAR's reported record median price in April was a 0.4% increase from the previous record of $415,000, set the month prior in March.

Meanwhile, according to RSAR's May report, issued June 4, greater Reno/Sparks had 396 sales of existing single-family homes — that's an increase of 2.3% from April 2020 and a decrease of 41.9% from May 2019.

Of note, these totals don't include condominiums, townhomes, manufactured, modular or newly constructed homes. The median condo/townhome price across Reno/Sparks in May was $270,000, an increase of 18.7% from last year.

“With Stay-at-Home orders being lifted across Northern Nevada, we are confident that home sales will continue to increase over the next few months,” said Erika Lamb, president of RSAR and Broker of Welcome Home Real Estate and Property Management, said in a June 8 statement. “We saw a slight increase in the number of new listings in May, and we hope to see that number continue to grow throughout the summer. We will continue to ensure that people who want to buy and sell a home, can do so safely in Nevada.”

When looking solely at Reno, including North Valleys, there were 279 home sales last month, down 39.6% from May 2019 and up 6.5% from April 2020.

Reno's median home price last month was $400,000 — a decrease of 4.9% from May 2019 and down 8.3% from April 2020's record-high of $439,500.

When looking solely at Sparks, including Spanish Springs, there were 117 home sales in May 2020, down 46.8% from May 2019 and up 6.4% from April 2020. The median home price in Sparks last month was $385,000, up 9% from last year and no change from April 2020.

In Fernley, there were 31 home sales in May 2020, down 44.6% from last year and down 29.5% from April 2020.

Fernley's median home price in May was $272,500.

RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service. Go to www.rsar.net and click on Market Insights to see May 2020's report.