RSAR Releases February 2022 Existing Home Sales Report

Article submitted by Benjamin Engel, The Abbi Agency

The Reno/Sparks Association of REALTORS® (RSAR) today released its February 2022 report on existing home sales in Reno/Sparks and Fernley, including median sales price and the number of home sales in the region. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service.

During the month of February, RSAR saw… 

• The median sales price stood at $559,000, up more than 24 percent from the same time a year ago.
• Homes were under contract an average of only five days after they were listed for sale.
• The 460 new listings that came on the market during February marked a 13 percent increase from the same month a year earlier.

“The market remains exceptionally strong,” said Sarah Scattini, President of the Reno/Sparks Association of REALTORS®. “The uptick in mortgage interest rates since the start of the year hasn’t dampened sales of existing homes, which continue to be driven by the vibrant economy of the Reno/Sparks region.”

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More information, divided by region, is provided below. All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes unless otherwise stated.

Reno/Sparks

• In February 2022, Reno/Sparks had 372 sales of existing single-family homes, a decrease of 4.1 percent from last year and a 7.5 percent decrease from the previous month.
• The median sales price for an existing single-family residence in Reno/Sparks was $559.000, an increase of 24.2 percent from last year and a 1.9 percent decrease from the previous month.
• The median sales price of an existing condominium/townhome in Reno/Sparks in February 2022 was $315,000, an increase of 24.3 percent from last year.

Reno (including North Valleys)

• In February 2022, Reno (including North Valleys) had 260 sales of existing single-family homes, a decrease of 2.6 percent from last year and a 6.8 percent decrease from the previous month.
• The median sales price for an existing single-family residence was $580,000, an increase of 24.7 percent from last year and a 2.5 percent decrease from the previous month.
• The existing condominium/townhome median sales price in February 2022 was $340,000, an increase of 10.2 percent from last year.

Sparks (including Spanish Springs)

• In February 2022, Sparks (including Spanish Springs) had 112 sales of existing single-family homes, a decrease of 7.4 percent from last year and an 8.9 percent decrease from the previous month.
• The median sales price for an existing single-family residence was $510,500, an increase of 22.5 percent from last year and a 1.8 percent decrease from the previous month.
• The existing condominium/townhome median sales price for February 2022 was $287,000, an increase of 18.4 percent from last year.

Fernley

• In February 2022, Fernley had 48 sales of existing single-family homes, a 2 percent decrease from last year and a 14.3 percent increase from the previous month.
• The median sales price for an existing single-family residence was $382,000, an increase of 20.3 percent from last year and a 1.9 percent increase from the previous month.

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