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.
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 near their list price, with about 33% of homes selling over their list price in the past year, according to Redfin.
Recommended: Local Housing Market Trends by City$496,000
Median Sale Price
$312
Avg. Price Per Sq. Ft
24 days
Avg. Time on Market
Reno Housing Market Forecast
The Northern Nevada housing market has experienced strong growth over the past decade, with Reno’s typical home value skyrocketing by roughly 222% since 2011. This consistent rise in home values over the past 10 years puts Reno’s real estate appreciation within the top 10% of American cities nationwide.
Given these statistics, it should come as no surprise that the Reno housing market saw continued growth over the past year. Median home prices in Reno rose by 29.5%, according to Zillow. The median home price in Reno was $540,860 as of October 2021.
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.
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: $58,790
Median Age: 35.8
College Educated: 33.5%
Homeowners: 48%
Married: 44.7%
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:
8,352
Median Age:
42.6
Housing Units:
4,795
Bike Score:
80
Walk Score:
86
Transit Score:
61
Average Household Income:
$74,815
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 3% below their list price and sell in around 49 days.
Median Sale Price
$315,000
Average Price Per Square Ft.
$326
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?
Quick Facts
Population:
22,495
Median Age:
31.9
Housing Units:
9,784
Bike Score:
55
Walk Score:
45
Transit Score:
41
Average Household Income:
$55,931
Northeast Reno Housing Market
On average, it takes homes 19 days to sell in Northeast Reno, but more popular homes can sell in only around five days.
Some homes for sale in this area receive multiple offers.
Median Sale Price
$201,000
Average Price Per Square Ft.
$211
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:
33,381
Median Age:
39
Housing Units:
13,656
Bike Score:
57
Walk Score:
21
Transit Score:
17
Average Household Income:
$113,004
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 5% above list price and go pending in about five days.
Median Sale Price
$535,000
Average Price Per Square Ft.
$336
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.
Quick Facts
Population:
34,363
Median Age:
39
Housing Units:
15,596
Bike Score:
23
Walk Score:
11
Transit Score:
17
Average Household Income:
$96,324
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 8.4% in the last year, and on average Silverado homes sell for 2% above their list price.
Median Sale Price
$555,000
Average Price Per Square Ft.
$334
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:
34,363
Median Age:
39
Housing Units:
15,596
Bike Score:
16
Walk Score:
2
Transit Score:
N/A
Average Household Income:
$96,324
Somersett Housing Market
Home values have risen in Somersett since last year by 17.2%. Despite the high price tag, average homes in this area go for about 1% over list price and sell in around 20 days.
Median sale Price
$668,000
Average Price Per Square Ft.
$355
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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