If you are a current homeowner in the Reno area, you will be happy to hear that home prices are up 19% from last April. If you are currently looking to buy in Reno, this news might make you hestitant but there is good news. Inventory usally rises in Spring and new construction is on the rise. For those who ask, "Are we in a bubble again?" Remember, we are still far from the highest peak of 2005 when the median home price hit $350,000. When that bubble popped in January 2012, the median home price dropped to $135,000. According to a report Friday by the Reno/Sparks Association of Realtors, using data from the Northern Nevada Regional Multiple Listing Service, the median sales price for April 2015 in Washoe County rose 19 percent from the same time last year. April's median home price was $271,000, just one percent lower than March at $273,000. View Market Statistics Chart Here.
Inventory is low. The number of homes available for purchase continued to decrease in April to 651, down from 797 in January. With less inventory and higher prices, finding the right home at the right price will not be easy. Be sure to use a trusted Real Estate professional to help you through this process.