Reno’s strong economy, affordable housing market, and growing population make it a top destination for homebuyers and real estate investors. The Nevada city is home to many tourist attractions like the Sierra Nevada mountains, Lake Tahoe, and many recreational destinations. Amidst the ambiance, residents enjoy thriving, bustling neighborhoods and top-notch amenities. Are you considering a Reno home? The following real estate guide will help you make a sound investment.
Reno Real Estate
Reno is a popular and competitive real estate market. But compared to similar markets like Los Angeles, New York City, and San Francisco, it is relatively affordable. The median value for single-family homes for sale in Reno in April 2023 was $539,950, up 2 percent from March. Condos and townhomes recorded a $315,000 median price in the same month, the same value as March.
On average, a Reno home is valued at a $519,434 average price. This amount makes Reno one of the most affordable city real estate markets in the United States. Moreover, Reno real estate is fast-paced. Properties on the market typically go pending within 49 days.
Buying a Home in Reno
The home values in Reno are higher than the national average. However, the market is still highly affordable. The city’s average monthly mortgage payment to income ratio is currently 12.4 percent, 1.9 percent below the national average.
The inventory in Reno is also very rich. Over 360 homes were sold in the area in April 2023 out of an available inventory of 606 properties. This was a 10.2 percent increase from March and a 14.8 percent increase from April 2022. These numbers indicate a high and steady supply of inventory and varied options for homebuyers.
When purchasing a Reno home, you can expect to close the sale very close to the listing price. The median sale-to-list ratio in March this year was 0.982. That said, a good and experienced real estate agent can help you negotiate a lower price.
Living in Reno
There are many reasons to consider a Reno real estate investment, whether you want to live there or tap into the rental market. The city’s growing population and strong economy make it a haven for real estate investors. Because of the many job opportunities in Reno, people are always moving to the city to look for homes. Investors can enjoy a diversified portfolio thanks to the rich market stocked with different property types, ranging from large apartments to single-family homes.
If you want to live in Reno, you will love the bustling city and its top-shelf amenities. Reno lies in close proximity to many major cities like Las Vegas, Sacramento, and San Francisco, so you can look forward to varied dining and shopping opportunities. The city is also home to many tourist attractions and entertainment spots, like music festivals and casinos.
As a homebuyer or investor, you will also appreciate Nevada’s favorable tax environment. Nevada does not have state income tax and charges relatively low property taxes compared to other states. This means you can enjoy bigger returns on your investment should you decide to sell or rent your home.
Get Your Dream Home with the Help of a Reno Real Estate Agent
Homes in Reno are affordable and well-placed within the competitive real estate market. However, a lot more than price considerations go into buying a new home. Patty DuHamel is an experienced Reno real estate agent who can help you navigate the market. You can look forward to seasoned advice and service on your way to buying your new Reno home. Contact DuHamel’s office today to learn more.