Reno Real Estate Market Shows Year-Over-Year Growth Despite Monthly Fluctuations – January 2024 Report
The Reno real estate market exhibits fluctuating trends, with an overall annual increase in property values, especially in value per square foot. Other cities present diverse price trends, and foreclosure data outlines consistency in distressed property values. Current listing prices, higher than recent transaction values, indicate potential growth expectations.
As part of our weekly report on real estate market trends, our attention this week is directed toward Reno, Nevada, where the average value of properties in the region is showing an upward year-over-year shift from January 2023 to January 2024, though it experiences fluctuations on a monthly basis. On the flip side, the average sold price seems unstable, lacking a clear upward or downward mode.
Interestingly, there was a slight increase in the average sold price per square foot of properties over the same period. This suggests that despite the inconsistency in general average sold prices, properties might be trading at higher rates per square foot.
Next, let’s take a look at the trends of nearby cities.
- Zephyr Cove presents a significantly higher average value and sold price than Reno, peaking at an impressive $5,125,000 average value in April 2023
- Washoe Valley has a wide spectrum of average values, with an apex at $2,800,000 in December 2023 and a drop to $782,500 in February 2023
- Virginia City, however, has less data but appears to maintain a much lower average sold price than Reno, varying from $438,000 to $492,392
Each city evidently follows distinct trends in the real estate market, with Reno residing somewhere in the middle of these neighboring cities in terms of average values and sold prices.
Median Values and List Prices
The median transaction value for Reno’s active market has been estimated at $550,182 for the past 6 months and $522,027 for the past 12 months, demonstrating a moderate increase. The active market median value per square foot in the past year is $311.
Interestingly, the median list price for properties currently on sale stands at $630,851, a number higher than recent median transaction values. This implicates that current listings might be opting for higher pricing in anticipation of favorable market responses.
Foreclosure and Distressed Properties Trends
The Reno foreclosure market had 50 homes in foreclosure, with the median value at $490,309. Additionally, it recorded 35 pre-foreclosures with a similar median value. This points to a level of consistency in the value of distressed properties.
Auctions and bank-owned properties represented fewer occurrences with 12 and 3 instances, respectively. Yet their median values stayed close to those of foreclosures and pre-foreclosures.
Moreover, different zip code areas reveal substantial differences in property values. This indicates the magnitude of variation in property values across the city’s geography, pointing out considerable opportunity for comparative analysis in real estate investments.
Taken as a whole, the Reno real estate market underlines a swell in property values over time, chiefly when centering on the value per square foot. However, the market also exhibits fluctuations in average values and sold prices. The heightened median list price, compared to the median transaction value, hints that sellers might be envisioning an optimistic rise in market potential for higher prices. This is a trend worth watching in the coming months.
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