Concerns Over Foreclosures as the Median Home Price in Reno Drops for the Second Consecutive Month

The median home price in Reno-Sparks has generally increased, but the number of available homes remains significantly lower than during the same period last year.

Last month showed a contrast between the two cities: Reno experienced a decline in the median home price for the second consecutive month, while Sparks saw an increase.

Despite Reno’s decline, the region still recorded an overall increase. According to the latest figures from Sierra Nevada Realtors, the median sales price for an existing single-family home in Reno-Sparks was $549,950 in February.

This median price only includes single-family homes built with wood-frame structures, excluding condos, duplexes, mobile homes, and new construction.
The median home price increased by just under 3% since January and nearly 7% since February of the previous year. Last month’s median price was $535,000, the lowest for Reno-Sparks in approximately a year, with active inventory still significantly reduced.

Robert Bartshe, president of Sierra Nevada Realtors, said: “As we approach the spring season, we anticipate a temporary increase in home prices, with one important reason being that it becomes easier for sellers to conduct home showings, and buyers are more eager to see homes in person.” He added, “With the discussion on the table about the possible decrease in interest rates, it’s not surprising to see growing interest in the northern Nevada real estate market.”

Reno and Sparks Residential Real Estate by the Numbers

The median home price for existing homes in Reno fell for the second consecutive month after reaching $610,000 in December.

In Reno, the median sales price for February was $567,500, marking the second consecutive time it fell below the $600,000 mark. The all-time high was $635,000, reached during the peak of the city’s booming real estate market in June 2022. Since then, interest rate hikes by the Federal Reserve have cooled Reno’s housing market over the following year until the median home price once again exceeded $600,000 a year later.

However, unit sales in Reno remain about a third below the peak, with 214 homes sold in the last month.

Meanwhile, the median home price in Sparks has remained more stable, hovering around $530,000 since last month.

Available Foreclosures:

Reno: 15 homes available.

Sparks: 10 homes available.

By Elias DaSilva | September 20, 2024.