Reno, NV
Housing Market
Reno's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Reno's supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellReno Housing Market Overview
Reno's housing market offers a diverse selection of properties, from modern condos to spacious single-family homes that cater to various budgets. The median sale price in the city is currently $542,850, reflecting a 9% increase from last year. Properties typically stay on the market for 63 days, up by 13 days YoY.
Home sales are down slightly, with 216 houses in Reno sold this month. However, the city has experienced consistent property value growth, fueled by its expanding economy, recreational opportunities, and proximity to major tech hubs. Reno's real estate market continues to be a significant contributor to Nevada's economy. Known for its blend of urban amenities and easy access to natural beauty, neighborhoods like Southwest Reno and Sparks attract both first-time buyers and investors. Sellers can thrive in this market if they price strategically and highlight key features that make their properties stand out.
Home sales are down slightly, with 216 houses in Reno sold this month. However, the city has experienced consistent property value growth, fueled by its expanding economy, recreational opportunities, and proximity to major tech hubs. Reno's real estate market continues to be a significant contributor to Nevada's economy. Known for its blend of urban amenities and easy access to natural beauty, neighborhoods like Southwest Reno and Sparks attract both first-time buyers and investors. Sellers can thrive in this market if they price strategically and highlight key features that make their properties stand out.
Median Sale Price
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Reno Housing Supply
Reno is an appealing market for real estate investors, thanks to its growing demand and the city's thriving economy. Unlike the number of homes for sale in Nevada, Reno's inventory has risen to 744, which marks a 27.2% increase. Moreover, 385 new listings have entered the market, giving buyers a wider selection. Currently, Reno's housing supply stands at 3.1 months, an indicator of a competitive market where sellers hold the advantage.
Reno's housing market follows seasonal trends, with an uptick in new listings during the warmer months. Both buyers and sellers remain active during this period, as they aim to close deals before summer ends. Reno offers a dynamic lifestyle with a blend of urban convenience and access to outdoor recreation. Popular neighborhoods like Southwest Reno, Caughlin Ranch, and Sparks offer a mix of property types. Reno's robust job market, excellent schools, and proximity to major highways further entice potential buyers.
Reno's housing market follows seasonal trends, with an uptick in new listings during the warmer months. Both buyers and sellers remain active during this period, as they aim to close deals before summer ends. Reno offers a dynamic lifestyle with a blend of urban convenience and access to outdoor recreation. Popular neighborhoods like Southwest Reno, Caughlin Ranch, and Sparks offer a mix of property types. Reno's robust job market, excellent schools, and proximity to major highways further entice potential buyers.
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Reno Housing Demand
Real estate in Reno, Nevada, has faced some competition in recent months. 24.1% of homes sell above their list price, an 8.7 percentage point increase from last year. At the same time, 18.5% of Reno homes experience price reductions. This suggests that some sellers are willing to adjust their expectations to facilitate a sale. The sale-to-list price ratio in Reno currently stands at 98.8%, which means that most sellers receive close to their asking price for homes.
In these market conditions, the sale-to-list price ratio becomes an important indicator of negotiation power. As a home seller, pricing your property appropriately from the start can help you avoid unnecessary price reductions. If the market begins to lean in favor of buyers, you could offer concessions if you don't want to lower your asking price. With the sale-to-list price ratio close to 100%, expect to receive close to your asking price, although buyers may still attempt to negotiate. If you're a buyer, consider homes with extended listing periods or properties that have seen price reductions. These homes may give you more leverage to negotiate a favorable deal.
In these market conditions, the sale-to-list price ratio becomes an important indicator of negotiation power. As a home seller, pricing your property appropriately from the start can help you avoid unnecessary price reductions. If the market begins to lean in favor of buyers, you could offer concessions if you don't want to lower your asking price. With the sale-to-list price ratio close to 100%, expect to receive close to your asking price, although buyers may still attempt to negotiate. If you're a buyer, consider homes with extended listing periods or properties that have seen price reductions. These homes may give you more leverage to negotiate a favorable deal.
Homes Sold Above List Price
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Strong
Buyer
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Balanced
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Reno Housing Market: When to Buy or Sell?
Reno's housing market has historically alternated between buyer-friendly and seller-friendly conditions. Similar to the broader Nevada real estate market, the Reno market can shift to favor buyers and sellers in turn, based on seasonal trends. When competition is low and inventory increases, buyers get more opportunities to negotiate. On the other hand, when demand outpaces supply, sellers can take advantage of higher prices and faster sales.
Additionally, if the months of Reno's housing supply rise beyond the balanced range of the US real estate market (5 to 6 months), buyers may have more time to weigh their options. Understanding these market dynamics can help you make informed decisions about when to buy or sell in Reno.
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Frequently Asked Questions
How has Reno's average home price changed over the past year?
Over the past years, Reno's median home price has risen by 9% to reach $542,850. Both condos and single-family homes also show consistent price increases. You can gauge your home's fair market value with our free home value estimator to set an appropriate asking price.
What are Reno real estate market predictions for 2025?
Reno's home prices are expected to continue increasing in 2025. The demand for housing remains strong, in line with trends across the Nevada housing market. However, rising mortgage rates may affect affordability for some buyers, so it is important to track the market closely.
What's the average price for homes in Reno?
Home prices in Reno, Nevada, vary by property type. Condos typically have an average price of $314,500, while single-family homes are priced at around $590,000. Reno offers a wide range of options for different budgets and needs.
Is now a good time to buy a home in Reno?
To determine if it's a good time to buy in Reno, monitor market trends. If inventory rises and mortgage rates stabilize, buyers could find more opportunities. Always consider the local economy and housing demand when deciding the best time to make a purchase.
How can I check Reno housing market trends?
Reno's housing market remains relatively steady throughout the year. Properties generally stay on the market for around 60 days. Check the city's housing market trends frequently to decide the right moment to make a move in Reno.
When will the Reno, Nevada, housing market crash?
Reno housing market forecasts for 2025 suggest that a crash is unlikely. Rather, home prices are expected to rise steadily through the year. However, an increase in housing supply could lead to price adjustments if demand slows down.
What are the steps for buying a house in Reno, NV?
Start by setting a clear budget and obtaining mortgage pre-approval. Then, search for Reno houses for sale, submit offers, secure financing, and complete the closing process to finalize the purchase.
How can I list my home for sale in Reno?
To list your Reno house for sale, you can use a Flat Fee MLS Nevada listing service. Platforms like Houzeo can save you money on commissions by automating the necessary paperwork based on your location. 🚀
What is the average mortgage rate for buyers in Reno?
Mortgage rates for buyers in Reno usually fluctuate between 6.8% and 7%, depending on the market and individual credit scores. Always consult with multiple lenders to get the most current rates.
What is Reno, NV's cost of living?
The cost of living in Reno, NV, is 4% higher than the national average. While housing in Reno is 11% higher than the US median, utilities are 7% cheaper. Reno offers the benefits of urban living at relatively affordable costs.
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