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Real Estate Reno Nevada - Reno, Nevada Real Estate Market Report

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While the housing crisis has affected housing prices across the country, cities located in the Sun Belt states, including Arizona, California, Nevada, and Florida, have been affected the most. Like many other cities in the Sun Belt, the Reno, Nevada real estate market has been hit significantly by a high rate of foreclosures and drastically declining real estate values.

From late 2003 until early 2007, the median housing sales price in the Reno, Nevada real estate market increased dramatically from around $250,000 up to $350,000. While many homeowners were enjoying their new found wealth, their home equity quickly turned sour when the housing market fell apart in early 2007. Since then, the median sales price in the Reno, Nevada real estate market has dropped considerably. The median sales price in Reno, which now appears to have leveled off, is just under $200,000.

One of the largest contributors to the decreased prices in the Reno, Nevada real estate market has been the high rate of foreclosures. For a large city, Reno has one of the highest rates of foreclosure. In February 2010, 1 in every 139 households in the Reno market received a notice of default. The median listing price for a foreclosed home in Reno is just $180,000. As more people look to purchase discounted and foreclosed homes, the median sales price in the Reno, Nevada real estate market could likely fall further.

The Reno, Nevada real estate market has also been impacted by an overall worsening economy. The city of Reno relies heavily on the legalized gambling and tourism industries. Due to the overall economic downturn, each of those industries has been negatively impacted. This has led to a much higher rate of unemployment city-wide.

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