Reno Housing Market: Trends & Prices
Reno Real Estate Market Overview
(Last Updated – 6/2023)
Welcome to the Biggest Little City in the World. Don’t let Reno’s reputation for being a lesser version of Las Vegas fool you; this small but mighty city also offers year-round outdoor recreation.
In the warmer months, biking, kayaking, fishing, and golfing are popular. During the winter, locals can take advantage of the mountains for skiing, snowboarding, and sledding.
U.S. News & World Report ranked Reno as the 79th best place to live for a good quality of life. House hunters can find lower prices than in neighboring areas like Lake Tahoe, and residents can take advantage of Nevada’s lack of corporate and personal income tax.
Gambling is legal in Reno as in Vegas but is less prevalent. Locals can enjoy gaming, but many like to pursue safer pursuits such as world-class performances at the Pioneer Center, outdoor arts festivals, and the diverse dining scene. It’s easy to see why people from all stages of life are drawn to Reno, from college students to families to retirees.
For those who are in a home-buying stage of life, keep reading to learn more about the Reno real estate market, housing prices, and neighborhood demographics.
Recommended: Home Ownership ResourcesOverall Reno Market Trends
The real estate pros at Redfin consider the Reno housing market to be competitive at times.
If you’re considering buying a home in Reno, you should know that homes typically sell 1% below their list price, with about 23.8% of homes selling over their list price in the past year, according to Redfin.
Recommended: Local Housing Market Trends by City$525,000
Median Sale Price
$308
Avg. Price Per Sq. Ft
39 days
Avg. Time on Market
Reno Housing Market Forecast
While the Reno housing market has seen a slight decline in home values over the past year, the market has remained fairly stable. Median home prices in Reno dropped by 6.4%, according to Zillow. The median home price in Reno was $526,062 as of May 2023.
Looking ahead, the market is expected to bounce back and show upward growth. It is important to know that economic and market conditions can affect this forecast.
How Hot Is the Reno Housing Market?
The Reno area attracts people from all over the country due to its affordability, strong economy, and beautiful scenery. All of these factors, including its steady population growth, continue to drive demand for housing in the area.
Compared to other West Coast cities like San Francisco and Seattle, Reno may be more affordable to buy or rent. This makes the area desirable for people looking to move out of more expensive areas. Plus, Reno’s proximity to popular destinations like Las Vegas and Lake Tahoe make it ideal for tourists and outdoorsy folks.
Job growth in the Reno area has also surpassed the U.S. average, with its plethora of tech start-ups and small businesses. The business-friendly taxes, combined with low property taxes and a lack of state income tax, make Reno appealing to both corporations and people looking to relocate.
Recommended: Price-to-Rent Ratio in 50 CitiesDemographics of the Reno Market
Reno can provide almost any type of lifestyle residents desire thanks to close access to mountains, lakes, modern city amenities, and an international airport.
It’s clear why so many people are drawn to this big little city. We rounded up some key demographics of Reno to give potential residents a snapshot of what it’s like to live here.
Median Income: $67,557
Median Age: 36.4
College Educated: 35.5%
Homeowners: 48.3%
Married: 43.9%
Popular Reno Neighborhoods
Whether someone wants all the city vibes or is looking to feel more connected with nature, there is probably a neighborhood in Reno that can suit their needs.
Keep reading for handy fast facts about five popular Reno neighborhoods, including average home prices and how easy it is to navigate each neighborhood.
Downtown
There is plenty of hustle and bustle in Downtown Reno thanks to being within walking distance of the University District. Think: dining, nightlife, shops, the works.
Whether residents are looking for a condo, apartment, or home, Downtown has every type of housing option available.
Quick Facts
Population:
8,558
Median Age:
41.7
Housing Units:
4,976
Bike Score:
83/100
Walk Score:
90/100
Transit Score:
53/100
Average Household Income:
$74,017
Downtown Housing Market
In this not very competitive housing market, it is rare for homes on the market to receive multiple offers.
Typically, Downtown Reno homes sell for about 6% below their list price and sell in around 157 days.
Median Sale Price
$300,000
Average Price Per Square Ft.
$291
Northeast Reno
Thrifty house hunters will appreciate the lower housing costs in this neighborhood, as home prices in Northeast Reno are roughly 44% lower than the Nevada average and 43% lower than the U.S. average. Who doesn’t like extra bang for their buck?
Quick Facts
Population:
23,935
Median Age:
33.8
Housing Units:
10,356
Bike Score:
50/100
Walk Score:
51/100
Transit Score:
35/100
Average Household Income:
$62,197
Northeast Reno Housing Market
On average, it takes homes 99 days to sell in Northeast Reno, and more popular homes can go pending in around 50 days.
Few homes for sale in this area receive multiple offers, as it is considered not very competitive by Redfin.
Median Sale Price
$240,000
Average Price Per Square Ft.
$238
Double Diamond
Double Diamond is considered to be a post-suburban community and provides locals with many urban accommodations while also prioritizing open spaces. Basically, Double Diamond can offer the best of both worlds.
Make sure to stop by Double Diamond Park on the weekends to take advantage of the different sporting fields.
Quick Facts
Population:
36,301
Median Age:
40
Housing Units:
14,943
Bike Score:
53/100
Walk Score:
19/100
Transit Score:
15/100
Average Household Income:
$125,755
Double Diamond Housing Market
If you find a gem of a home in Double Diamond, just know that yours may be one of multiple offers. In-demand homes sell at 1% above list price and go pending in about seven days.
Median Sale Price
$530,000
Average Price Per Square Ft.
$337
Silverado Ranch Estates
This suburban neighborhood in Reno is an ideal spot for families as locals have access to a few highly ranked schools. There are 4,097 households with children in this area.
Quick Facts
Population:
35,738
Median Age:
40.6
Housing Units:
15,753
Bike Score:
20/100
Walk Score:
11/100
Transit Score:
14/100
Average Household Income:
$113,775
Silverado Ranch Estates Housing Market
Homes sell relatively quickly in Silverado Ranch Estates (in about 31 days), so home shoppers may need to make an offer quickly if they find a home they love.
Home prices in this area went down by 5.6% in May 2023 compared with the last year, and on average Silverado homes sell for 2% below their list price.
Median Sale Price
$631,000
Average Price Per Square Ft.
$315
Somersett
Golf fans will find plenty of ways to pass the time in Somersett, as this neighborhood is home to the nine-hole Tom Kite-designed Canyon Nine Golf Course.
Non-golfers can enjoy more than 27 miles of paved and natural hiking and biking trails. This community is growing, as are its amenities, with eight new parks planned.
Quick Facts
Population:
35,738
Median Age:
40.6
Housing Units:
15,753
Bike Score:
10/100
Walk Score:
4/100
Transit Score:
N/A
Average Household Income:
$113,775
Somersett Housing Market
In May 2023, home values dropped in Somersett by 14.6% compared to last year. Despite the high price tag, average homes in this area go for about 2% below list price and sell in around 49 days.
Median sale Price
$689,000
Average Price Per Square Ft.
$352
SoFi Home Loans
It’s easy to see why Reno has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Reno could be your home sweet home, then you may need to consider your mortgage financing options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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