Reno/Sparks median home price sets another record high in July
RENO, Nev. — Another month, another record high for home prices throughout Reno-Sparks.
According to an Aug. 9 report from the Reno/Sparks Association of Realtors, Washoe County’s median price for July 2018 reached $389,000, representing a “record high median price for the Reno/Sparks market,” said Doug McIntyre, 2018 RSAR president.
That’s a 10 percent increase compared to July 2017, according to RSAR, and a 2 percent increase from last month, June 2018.
“When you factor in pricing with the seasonal trend, I would anticipate that unit sales numbers may not reach 2017 levels,” McIntyre added, according to an RSAR press release.
In Reno specifically, meanwhile, the median home price for July was $400,000, a 7 percent increase from July 2017 and no change from last month.
Below is a breakdown of July stats and trends across Northern Nevada, as provided by RSAR.
• In July, Washoe County had 555 sales of existing single-family homes, a decrease of 17 percent from July 2017 and a 7 percent decrease from one month ago, June 2018. The median sales price of existing condominium/townhomes in Washoe County in July 2018 was $192,000, a 3 percent increase from a year ago.
• In July 2018, Reno (including North Valleys) had 375 sales of existing single-family homes, a decrease of 18 percent from last year and a 14 percent decrease from the previous month. The existing condominium/townhome median sales price for July 2018 in Reno was $201,950, a 7 percent decrease from last year.
• Sparks (including Spanish Springs) experienced 180 sales of existing single-family homes in July 2018, a 12 percent decrease from July 2017 and a 7 percent increase from the previous month. The Sparks median sales price in July 2018 was $364,500, a 13 percent increase from last year in July 2017 and an increase of 0.5 percent from June 2018. The existing condominium/townhome median sales price for July 2018 in Sparks was $186,500, a 21 percent increase from last year.
• The July 2018 report indicated that Fernley had 53 sales of existing single-family homes, a decrease of 9 percent from July 2017 and a 15 percent decrease from the previous month. The median sales price in Fernley was $252,500, a 12 percent increase from July 2017, and no change from last month.
“Nevada leads the nation in population growth and Washoe County experienced a 1.6% growth rate last year — over 8,000 new residents now call this area home. And this trend is not expected to end anytime soon.