The Reno real estate market is experiencing its lowest inventory in decades. That hasn't quelled Buyers' desire for a home, though. As a result, Reno home prices are expected to go up during the spring/summer months.
Reno Home Prices
According to the Reno-Sparks Association of REALTORS@, the 2016 Reno real estate market hit its highest median sale price in July ($317,600). The last half of the year dipped only slightly before it leveled off. This year's Reno home prices started off at just under 9% higher than January 2016. Buyers paid a median of $304,000 last month.
Reno sales typically slow way down in the wintertime. With warmer weather and summer school vacation coming up, the market kicks back into gear in the spring. If demand looks high now, throw a group of busy parents looking to maximize their children's time off from school into the mix. Then things really get tight. And inventory doesn't look to be rebounding in the near future.
Buyers frustrated from losing homes due to multiple bids find themselves turning from the existing Reno home market to new Reno homes. However, even then, the competition can be fierce. EDAWN shows even more new jobs are on the horizon in 2017. That means housing demand and Reno home prices will continue their march upward.
Reno Real Estate Market
Currently, the Reno real estate market is definitely in the Seller's favor. If you're looking to upgrade or downsize from your current home, now would be a great time to do it. For Buyers, even though median Reno home prices are over $300,000, interest rates remain low for now. Your mortgage might be a little more affordable than you think. If you wait, prices and rates could very well go up. Contact your loan company today to discuss options. Then, when you're ready to look, contact me. You don't want to wait too long. Get started today.
Charlene Hamilton, Your Reno Real Estate Specialist
Originally posted on my Reno real esate blog here: http://www.relocationtoreno.com/2017/02/27/reno-home-prices-expected-to-go-up-in-spring/.
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