Reno Housing Market: Trends & Prices

Reno Real Estate Market Overview

(Last Updated – 12/2021)

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 56th 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.

Overall 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 near their list price, with about 33% of homes selling over their list price in the past year, according to Redfin.

How Hot Is the Reno Housing Market?

Over the past year, low inventory along with strong buyer demand caused Reno’s housing market to go from hot to red hot. However, there are signs that things are starting to cool off a bit. A significant number of homes reportedly came on the market over the summer, and the median price for a single-family home remained flat between June and July.

Between the increased inventory, signs of buyer fatigue, and concerns about greater frequency of wildfires in the region, experts forecast that the Reno real estate market will now become somewhat more stable, with prices still increasing but at a slower rate. Despite this leveling off, real estate pros predict that Reno will remain a seller’s market for the foreseeable future.

If the tight market over the past year made you give up on Reno, it may be time to throw the dice and take another look. Real estate experts point out that buyers are now less likely to encounter sky-high asking prices and compete against multiple offers.

Another thing to keep in mind if you are thinking seriously about buying a new home in Reno: current low interest rates. Economists are forecasting that rates will increase in 2022, which could put buying a new home out of reach for some.

Demographics of the Reno Market

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.

Downtown Housing Market

Northeast Reno

Thrifty house hunters will appreciate the lower housing costs in this neighborhood, as home prices in Northeast Reno are roughly 50% lower than the Nevada average and 47% lower than the U.S. average. Who doesn’t like extra bang for their buck?

Northeast Reno Housing Market

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.

Double Diamond Housing Market

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 over 4,100 households with children in this area.

Silverado Ranch Estates Housing Market

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.

Somersett Housing Market