Reno, NV Housing and Real Estate Market Trends - November, 2007
The information in this blog post will give you a feel for the current Reno NV real estate market trends.
Reno Median Home Price
The Reno median home price for October, 2007 was $302,750. This number is down 7% from October of 2006 and represents a median price level not seen since late in 2004 - closely mirroring the Sparks housing market.
Reno Homes For Sale
There are approximately 2,598 homes for sale in Reno. Last November, 2,704 homes were listed - representing a 4% decline. The rapid decrease in homes for sale at this time of year is seasonal and will increase again in the spring of 2008.
Reno Homes Sold
There were 162 Reno homes sold in October, 2007. This is down 33% from October, 2006 (240 homes sold). In October, 2005 there were 349 homes sold in Reno - the two year decline for sales in October is about 54%.
Reno - Buyer or Seller Market?
The Reno market is still a solid Buyer's Market with months of inventory at 11.7 months (up from 9.9 months in November, 2006). A neutral market would be in the range of 4 to 6 months of inventory.
For More Information
For more information and charts on Reno real estate trends, subscribe to The Greater Reno-Tahoe Real Estate Report, published monthly on this site. This blog post provides a quick narrative summary of the information contained in the report.
Broker - CalNeva Realty