$420,000 Marks A New Record High For Median Home Prices in Reno
The median home price in Reno has hit an all-time high. The latest Reno-Sparks Association of Realtors report indicates that the median price of a home in Reno has reached $420,000.
The median home price in Reno has hit an all-time high.
The latest Reno-Sparks Association of Realtors report indicates that the median price of a home in Reno has reached $420,000. That amount beats the previous record of $405,000 set in June of 2018.
The big question is why do housing prices continue to rise?
RSAR says it's because we are still behind on inventory in the Reno market. There are more housing options available to buyers from this same time last year, but there simply aren't enough new homes to keep up with the amount of people moving to Reno.
After what was a slow winter in Reno’s housing market, RSAR knew the only way to go was up when we hit spring and summer. And now the organization wouldn’t be shocked if it continues to go up from here.
"I do see it continuing, our months of inventory, the supply is very low so we do have a lot of buyers that are eager to get into homes," says Angelica Reyes, President of RSAR.
As a result, the Reno housing market is a competitive one.
Houses are typically being sold at or near the listing cost and multiple offers are frequently being thrown on the table by buyers.
“People are coming here for investment reasons, they're coming here to relocate for jobs, they're coming here to relocate for tax purposes, retirement, numerous opportunities,” says Shelly Walters, realtor at Coldwell Banker.
"If the house is priced accordingly, then the homes moves generally in a pretty quick manner,” says Walters.
Reyes says it's the perfect formula for people looking to downsize or relocate.
“Anybody who's been thinking about selling their property, it's a great time to get into the market,” says Reyes.
Reyes says it's also important that people don't get discouraged when they see the $420,000 price tag.
There is other inventory available for less money, buyers just might have to go searching for it in other places and other ways.
“A lot of buyers want to keep their payments under a certain amount, so maybe they're used to having $1,200 to $1,300 payments with the purchase of a stick build home,” says Reyes. “Maybe that's not possible yet so they do begin their home buying process in the condo or townhome community.”
“If the Reno area is a little bit higher than they're anticipating being able to buy, I think there are plenty of opportunities in Sparks as well,” says Walters.
The median home price in Sparks is less than Reno, but isn't too far behind at $352,000.