Reno Housing Market: Trends & Prices
Reno Real Estate Market Overview
(Last Updated – 10/2020)
Welcome to America’s Biggest Little City. Don’t let Reno’s reputation for being a lesser version of Las Vegas fool you, this small but mighty city has a lot to offer. Reno is particularly beloved because of it’s access to year-round outdoor recreation activities.
In the warmer months, biking, kayaking, fishing and playing golf is popular, as are any lake related activities. During the winter, locals can take advantage of the mountains for skiing, snowboarding, and sledding.
U.S. News and World Report ranked Reno as the 15th best place to live for a good quality of life. Home hunters can find lower housing prices than in neighboring areas such as Lake Tahoe and they can take advantage of Nevada’s lack of corporate and personal income tax.
Gambling is legal in Reno like in Las Vegas, but is less prevalent. Locals can enjoy gambling responsibly, but many like to pursue safer pursuits such as local events and topnotch restaurants. 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.
Fortunately for homebuyers, homes in Reno typically sell for 1.1% below their list price, which is good news considering that in the past year home prices rose by 5.9% in this area.
$410,000
Avg. Home Price
$233
Avg. Price Per Sq. Ft
57 days
Avg. Time on Market
Reno Housing Market Forecast
For those curious what the Reno housing market could look like in the coming months, this chart can help illustrate anticipated market fluctuations.
Reno median home prices rose by 2.5% over the past year, but are expected to fall by 1.6% within the next year, according to Zillow. The Reno median home price was $403,318 as of August of 2020.
Demographics 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 in this city.
Median Income: $52,106
Median Age: 35.5
College Educated: 33%
Homeowners: 7.5%
Married: 44%
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:
8,348
Median Age:
43.7
Housing Units:
4,843
Bike Score:
80
Walk Score:
86
Transit Score:
61
Average Household Income:
$70,176
Downtown Housing Market
In this somewhat competitive housing market, it isn’t uncommon for homes on the market to receive multiple offers.
Typically, Downtown Reno homes sell for about 1.5% below their list price and sell in around 67 days.
Average Home Price
$396,000
Average Price Per Sqare Ft.
$330
Northeast Reno
Thrifty house hunters will appreciate the lower housing costs in this neighborhood, as home prices in Northeast Reno are 40% lower than the Nevada average and 38% lower than the US average. Who doesn’t like a little extra bang for their buck?
Quick Facts
Population:
22,641
Median Age:
32.2
Housing Units:
9,610
Bike Score:
55
Walk Score:
45
Transit Score:
41
Average Household Income:
$51,901
Northeast Reno Housing Market
On average, it takes homes around 48 days to sell in Northeast Reno, but more popular homes can sell in around 36 days.
Some homes for sale in this area receive multiple offers and typically they sell for 2.3% below their list price.
Average Home Price
$181,000
Average Price Per Square Ft.
$167
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 their different sporting fields.
Quick Facts
Population:
31,329
Median Age:
38.8
Housing Units:
12,911
Bike Score:
57
Walk Score:
21
Transit Score:
17
Average Household Income:
$101,96
Double Diamond Housing Market
Here’s some good news for consumers looking to buy a home in Double Diamond. Housing prices dropped by 11% in the past year.
Wait, it gets better. Typically homes in this area sell for 1.2% under their list price.
Average Home Price
$375,000
Average Price Per Square Ft.
$240
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 4,200 households with children in this area, making it a fun place to raise a family.
Quick Facts
Population:
34,675
Median Age:
38.6
Housing Units:
15,213
Bike Score:
23
Walk Score:
11
Transit Score:
17
Average Household Income:
$89,275
Silverado Ranch Estates Housing Market
Homes sell relatively quickly in Silverado Ranch Estates (in about 37 days) so home shoppers may need to make an offer quickly if they find a home they love.
Home prices in this area rose by 4.3% in the last year and on average Silverado homes sell for 0.8% above their list price.
Average Home Price
$450,000
Average Price Per Square Ft.
$241
Somersett
Golf lovers will find plenty of ways to pass the time in Somersett, as this neighborhood is home to the 9-hole Tom Kite designed Canyon Nine Golf Course.
Non-golf players 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 currently being planned.
Quick Facts
Population:
34,675
Median Age:
38.6
Housing Units:
15,213
Bike Score:
16
Walk Score:
2
Transit Score:
N/A
Average Household Income:
$89,275
Somersett Housing Market
Home prices have shot up in Somersett since last year, by 10.2%. This rise in prices may explain why Somersett homes spend an average of 56 days on the market before selling.
Average Home Price
$502,000
Average Price Per Square Ft.
$259
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 home loan 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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