Reno Nevada Real Estate
With the influx of jobs and new residents fueling the housing affordability crisis in Reno-Sparks, one question arises: Why aren't developers building more homes? In Reno, NV, and surrounding areas, the bank owns 156 properties, while the number of properties for sale on RealtyTrac is 1,033. The rate is so high that more than 2,000 homes in the city of Reno and Sparks are being foreclosed on. About 1.5% of those homes are in foreclosure, according to the Nevada Department of Housing and Community Development.
In Reno's foreclosure data from Zillow, the percentage of delinquent mortgages in Reno is 3.8%, above the national average of 2.5%. In Sparks, the delinquency rate is just 0.1%, while it is 1.4% in Las Vegas and 1.4% in Carson City, Nevada. It is 0% or 5.0% (according to the Nevada Department of Housing and Community Development).
Compared to Nevada, the data show that Reno's recent annual rate of appreciation is 2.5%, which is above the national average of 1.2%.
The median home price in Reno has risen about 143% since 2012, from $166,000 to $403,318, according to Zillow data. Over the past decade, the annual appreciation of real estate in Reno has been 6.75%, above the national average of 2.5%, but below the average annual appreciation of 3.05%. Reno's properties have also appreciated by 113.34% over the past five years (2012-2016), more than double the country's average 1.8% appreciation and placing Reno in the top 10 national property valuations. Although Nevada has a relatively low annual property value, Reno also has one of the highest real estate values per square foot in all American cities, around $0. 75, which equates to an annual rate of $3,05.00.
According to Zillow, the median price of an existing single-family home in Reno has increased by $439,500 over the past five years (2012-2016), or an annual rate of 2.5%.
This demand would drive up the price of Reno investment properties, and you should be able to swap them for a lump sum. If you want to make a profit, don't expect to make a good profit on the rent and buy a family home in a high-demand area like Reno. A good tenant would be a retiree who plans to move to Reno and buy a property to let.
That means you can afford Reno real estate investments that appeal to the same tourists as Las Vegas. Many are pestering tourists and students who are almost immune to economic pressures. As you will see, you do not have to pay as much for a property if you are supported by a variety of factors.
Reno is a seller's real estate market, meaning that buyer demand exceeds the current supply of homes for sale. The real estate market in Reno remains strong and favors sellers, but it is not as strong as in Las Vegas.
As a result, home prices rose by about 5 percent in 2019 and are expected to rise by about 2 percent by 2020. There is a chance that home prices will remain stable, but that is not the general policy of Norada Real Estate Investments.
If you want to work with a professional, it is very easy to contact an estate agent in Reno. All you need to do is look at the details of your preferred property and use the form there. Check out our Service Philosophy and Agent Profiles page to see if we can help you with what you need from Reno Real Estate. If you would like to learn more about Reno or have questions about buying investment properties, please contact us.
You can also use our maps and views to find houses and apartments you can sell based on the amenities you might want to close, as well as the price.
The options are diverse and include urban condominiums overlooking the Truckee River as well as a variety of locations in the heart of historic downtown, such as downtown. If you look at a map of Nevada, Reno is the largest city in Nevada with a population of over 1.5 million people. If you look at our Reno real estate listings, you will find that some listings contain a lot of high quality real estate options in Reno, Nevada. Southeastern Nevada is home to Arizona, where you can invest in Scottsdale's real estate market.
This 17,964 square foot residence is set on a 2.03 acre lot on the Truckee River and offers beautiful views of the city of Reno and the beautiful Sierra Nevada. The house is built into the tall pine trees and offers the best mountain life while being so close to all the amenities in Reno, Nevada.
Galena Forest Estates is located near the Reno area and features a number of amenities including a golf course, golf courses, hiking trails and a rose garden. Point2 allows you to get a general overview of property prices quickly and easily and to keep up to date with the latest news and information about Reno Real Estate by simply saving your search. You will also receive daily and weekly e-mails of your choice from point 2 with new listings that meet your criteria as soon as they become available.