Reno-area housing market tight; prices are rising

Home sales were up 16 percent in January compared to a year earlier, the Reno/Sparks Association of Realtors reported.

Inventory was still tight with the market having about a 1.8-month supply of homes and properties are moving quickly, Erika Lamb, president of Reno/Sparks Association of Realtors and broker at Welcome Home Real Estate & Property Management, said in a statement.

The median price of a home sold in the Reno and Sparks area in January was $405,000, up 12 percent from a year earlier. There were 377 existing single-family homes sold.

The median price of a condominium in January was $246,000, up 33 percent from a year earlier.

In January Reno (including North Valleys) had 253 home sales, a 6 percent increase from a year ago and a 30 percent decrease from December. In Reno, the median sales price was $430,000; 13 percent more than a year earlier and a 6 percent increase from December

Condominiums in Reno had a median sale price of $255,750 in January, a 46 percent increase from a year ago.

Sparks (including Spanish Springs) had 124 home sales in January, a 43 percent increase from a year earlier and a 22 percent decrease from December 2019. The median sales price was $369,000, a 9 percent increase from January 2019 and a one percent increase from December 2019.

Condominiums in Sparks sold for $215,000 in January, a 12 percent increase from a year ago.

There were 38 homes sold in Fernley in January, a 36 percent increase from January 2019 and a 10 percent decrease from December 2019. The median sales price in Fernley was $275,250, a 6 percent increase from January 2019 and less than 1 percent increase from December.