Reno, NV Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Reno, NV Housing Market Trends

With 255,601 people, 102,283 houses or apartments, and a median cost of homes of $354,584, Reno real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Reno, accounting for 51.23% of the city's housing units. Other types of housing that are prevalent in Reno include large apartment complexes or high rise apartments ( 30.91%), duplexes, homes converted to apartments or other small apartment buildings ( 8.62%), and a few row houses and other attached homes ( 5.27%).

People in Reno primarily live in small (one, two or no bedroom) single-family detached homes. Reno has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Reno built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Reno built between 2000 and later ( 25.96%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.65%). There's also some housing in Reno built before 1939 ( 3.01%).

Reno Home Appreciation Rates

In the last 10 years, Reno has experienced some of the highest home appreciation rates of any community in the nation. Reno real estate appreciated 122.55% over the last ten years, which is an average annual home appreciation rate of 8.33%, putting Reno in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Reno definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Reno appreciation rates have trailed the rest of the nation. In the last twelve months, Reno's appreciation rate has been 5.09%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Reno were at 2.04%, which equates to an annual appreciation rate of 8.40%.

Relative to Nevada, our data show that Reno's latest annual appreciation rate is lower than 90% of the other cities and towns in Nevada.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Reno differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Reno - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Reno real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$354,584

Reno, NV HOME PRICES

> $1,253,000
2.1%
2.1%
$940,001 - $1,253,000
1.8%
1.8%
$626,001 - $940,000
7.1%
7.1%
$501,001 - $626,000
11.6%
11.6%
$376,001 - $501,000
23.7%
23.7%
$250,001 - $376,000
25.4%
25.4%
$125,001 - $250,000
16.2%
16.2%
$63,001 - $125,000
4.9%
4.9%
$0 - $63,000
7.2%
7.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NV

Value Relative To Nation

Number Of Homes And Apartments:
102,283

Reno Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NV*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
128.49% 4.01%
8
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,533 / per month

Homeownership Rate

Owners
46.9%
46.9%
Renters
53.1%
53.1%
Vacant
6.3%
6.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
26.0%
26.0%
1970 - 1999
51.4%
51.4%
1940 - 1969
19.7%
19.7%
1939 or Older
3.0%
3.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
51.2%
51.2%
Townhomes
5.3%
5.3%
Small Apt. Buildings
8.6%
8.6%
Apt. Complexes
30.9%
30.9%
Mobile Homes
3.8%
3.8%
Other
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
6.3%
6.3%
1 Bedroom
14.8%
14.8%
2 Bedrooms
27.9%
27.9%
3 Bedrooms
33.4%
33.4%
4 Bedrooms
14.5%
14.5%
5 or more bedrooms
3.1%
3.1%
0.0% 100.0%
% OF HOMES