Housing market stays hot in June; Sparks nears $500K median mark

An overview of June’s real estate stats for the greater Reno-Sparks region, compared to the previous month.

An overview of June’s real estate stats for the greater Reno-Sparks region, compared to the previous month. Courtesy: Reno/Sparks Association of Realtors

NNBW staff report

Friday, July 9, 2021

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As temperatures soared in June across Northern Nevada, so too did the region’s scorching-hot housing market.

The greater Reno-Sparks region reported 633 sales of existing single-family homes last month, an increase of 12% from June 2020 and a 17.2% increase from May of this year, according to the Reno/Sparks Association of Realtors’ June 2021 housing report released July 7.

Moreover, the report noted another record-high median home sale price of $530,000 for greater Reno/Sparks, a staggering 30.2% increase from last year and up 5.7% from the previous month’s record-high of $502,000.

“Tight inventories of homes for sale continue to define the current market,” Gary MacDonald, 2021 president of RSAR, said in a statement. “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.”

Breaking things down by market, according to the July 7 report, Reno (including North Valleys) recorded 459 home sales, an increase of 20.8% from June 2020 and a 24.7% increase from May.

Reno’s median home price was $550,000, up 32.5% from last year and unchanged from May. The existing condominium/townhome median sales price in June for Reno-North Valleys was $278,000, up 5.9% from last year.

The Sparks market (including Spanish Springs) saw 174 home sales last month — that’s a decrease of 5.9% from June 2020 and a 1.2% increase from May of this year.

Sparks’ median home price, meanwhile, set another record at $481,750 in June, up 22% from last year and up 6.1% from May’s mark of $453,500. Sparks previously set a record-high median price in April at $456,000.

The median condo sales price in June for Sparks-Spanish Springs, meanwhile, was $260,000, up 28.1% from last year.

For all of Reno-Sparks, June’s $276,000 median condo price represented an increase of 17.4% from last year, according to the July 7 report.

Not to be outdone, RSAR also covers the much-smaller Fernley market, which saw major upticks in June — the 72 home sales recorded there marked a 35.8% increase from last year and a 46.9% increase from 49 sales in May 2021.

Fernley’s median home price, meanwhile, came in at $358,250 in June — up 29.3% from June 2020 and a 1.6% increase from May.

An overview of June’s real estate stats for the Gardnerville/Minden/Topaz market, compared to the previous month. Courtesy: Sierra Nevada Realtors

 

Branching out in Northern Nevada, following are median sold prices reported in June 2021 by the Sierra Nevada Realtors association for other main markets:

  • Carson City: $450,000, down 2.7% from May 2021’s mark of $455,000
  • Fallon: $285,000, up 4.5% from May ($275,000)
  • Gardnerville/Minden/Topaz: $573,000, up 2.4% from May ($560,000)
  • Lyon County: $395,000, up 1.4% from May ($389,500)
  • Lake Tahoe, East Shore: $1.81 million, up 55.7% from May’s mark of $1.16 million (14 total homes sold in June)

Meanwhile, in Incline Village/Crystal Bay, the median home price was $2.025 million in June, when 20 homes were sold, according to the Incline Village Realtors group. That’s up 1.3% from May’s median of $2 million (comprised of 13 sales).

All three Realtor Associations compile monthly reports based on information derived from the Northern Nevada Regional MLS.

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