Median Reno existing home price reaches $500K for first time

RENO, Nev. (AP) — The median price for an existing single-family home in Reno has reached one half million dollars for the first time.

The Reno/Sparks Association of Realtors reports the median sales price in Reno rose 4.2% from November to $500,000 in December. That’s 23.5% higher than December 2019.

The median sales price in neighboring Sparks dipped 1.4% from November to $405,000 in December. The median price for the two cities combined was $449,600, down by less than 1 percent from the previous month but up 14.1% from December 2019, according to the Reno Gazette Journal.

“The combination of a strong local economy and low interest rates continue to support an exceptionally strong housing market,” local association President Gary MacDonald.

In Las Vegas, the median price for a single-family home in December was $345,000, matching the all-time record set in November. That’s a 10.2% increase from the median price of $312,990 in December 2019.