The median price for a single-family home in Reno decreased slightly for the second straight month in February to kick off 2021. The $465,000 median price for the Reno market (which includes North Valleys) represents a 1.4% decrease from January’s mark of $470,500, according to the latest monthly report released March 10 by the Reno/Sparks Association of Realtors. It also marks a 7% decease from Reno’s record-high median price of $500,000 in December. “The slowing rate of price increases for existing single-family homes is creating opportunities, especially for buyers who want to lock in today’s very low mortgage interest rates,” Gary MacDonald, 2021 president of RSAR, said in a statement. Meanwhile, in the Sparks market (which includes Spanish Springs), February’s median price of $416,000 is basically unchanged from January’s mark of $415,847 and up 2.7% from December’s mark of $405,000. When assessing the greater Reno-Sparks region as a whole, February’s median price of $450,000 is slightly above January’s mark of $446,702 and relatively unchanged from December’s region-wide median price of $449,600. Year-over-year comparisons, however, paint a different picture: Reno’s median price is up 14.1% from February 2020; Sparks is up 12.5% and Reno-Sparks is up 14.6% Below are other key statistics included in RSAR’s February 2021 report:
Reno-Sparks had 379 sales of existing single-family homes, a decrease of 17.6% from last year and an increase of less than 1% from February 2020.
Reno-North Valleys had 262 home sales, down 16.6% from last year and a 4.4% decrease from the previous month.
Sparks-Spanish Springs had 117 home sales, a decrease of 19.9% from last year and 14.7% increase from the previous month.
The median sales price of an existing condominium/townhome in Reno/Sparks was $253,500, up 1.6% from last year.
In Reno-North Valleys, the median condo/townhome price was $308,582, an increase of 21% from last year.
In Sparks-Spanish Springs, the median condo/townhome price was $ 242,500, an increase of 6.6% from last year.
In RSAR’s other market, Fernley, 47 homes were sold, 20.5% increase from last year and a 9.3% increase from the previous month. Fernley’s median price was $317,500, up 15.5% from last year and a 2.4% increase from the previous month.
RSAR’s monthly reports include information derived from the Northern Nevada Regional Multiple Listing Service. Go to rsar.net/market-monitors for full monthly insights.
