In the Reno-Sparks market the median single family home price at the end of May was $373,000, which is higher then the median for the entire state of Nevada at $269,000. Looking even closer the median price in Reno was $395,221 and $352,500 in Sparks. If you are considering buying or selling in the Reno-Sparks area the Shocket Team can help you understand the market. Reno-SparksRealEstate.com
If you’ve entered the real estate market as a buyer or a seller, you’ve inevitably heard the mantra “location, location, location” in reference to identical homes increasing or decreasing in value based on where they’re located.
In today’s housing market where home prices are appreciating quickly, it’s important to know that not every home appreciates at the same rate. The map below demonstrates that point on a state-by-state basis using data from the National Association of Realtors.
Demand often dictates value, even for houses in the same area of the country! High demand for starter and trade-up homes have driven prices up in these categories by nearly 10% over the past year, while those in the premium markets have appreciated at closer to 6%.
If you are debating whether or not to buy and/or sell a home this year, let’s get together to help you figure out exactly what’s going on in our market.