Listing prices for Reno homes surge nearly 30%

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According to Realtor.com’s latest Monthly Housing Summary the list prices for homes across the country increased 7.57 percent year-over-year in October. Of the 146 markets tracked by Realtor.com 85 percent reported year-over-year increases — with many showing gains of 20 percent or more; and even a few with increases of 30 to 40+ percent.

Reno, Nevada ranked 4th nationwide amongst housing markets with the largest increase in list price. Reno’s median list price increased 29.29 percent year-over-year.

The Realtor.com report also showed Reno’s median list price for October was $258,577. To compare these numbers to actual sold homes in October, Reno’s median sales price was $215,000, for a year-over-year increase of 19.4 percent.

What other markets showed the largest gains in list prices? Here are the top-ten…

Search Ranking Area / Region Median List Prices Total Listings Median Age of Inventory
United States $199,000 7.57% -0.25% 1,905,064 -1.51% -0.71% 94 -11.32% 1.08%
RANK City $ YY MM # YY MM # YY MM
1 Detroit, MI $129,900 44.33% -2.33% 16,509 -15.00% 2.48% 52 -18.75% 8.33%
2 Stockton-Lodi, CA $245,000 40.80% 2.13% 1,385 21.92% -7.17% 48 37.14% 6.67%
3 Santa Barbara-Santa Maria-Lompoc, CA $799,000 33.39% 1.65% 1,103 -25.22% -6.68% 73 -21.51% 4.29%
4 Reno, NV $258,577 29.29% -0.26% 2,636 -13.43% 0.00% 77 -26.67% 1.32%
5 Melbourne-Titusville-Palm Bay, FL $165,990 27.78% 0.60% 3,769 -31.24% 3.01% 68 -32.00% 6.25%
6 Fresno, CA $229,900 24.34% 2.18% 2,655 15.38% -2.53% 59 5.36% 5.36%
7 Las Vegas, NV-AZ(NV) $164,999 24.33% -2.88% 18,723 -12.78% 1.90% 80 -16.67% 5.26%
8 Oakland, CA $475,000 24.27% -1.03% 3,796 26.66% -0.68% 30 11.11% 7.14%
9 Phoenix-Mesa, AZ $237,900 22.00% 1.23% 19,751 14.38% 12.86% 50 0.00% 0.00%
10 San Diego, CA $449,900 21.92% -0.02% 8,890 -8.72% 0.32% 57 -17.39% 3.64%
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ANOTHER HAPPY HOMEOWNER!!!

ANOTHER HAPPY HOMEOWNER!!!

Say hello to The Warner’s. This cute couple just bought their new home in Reno. What an interesting road it was to the finish line. Mary-Lou and Dennis were a pleasure to work with were calm and collected when things weren’t the most ideal. I want to thank Britanya Hanlon at Wells Fargo Home Loans for making the dream happen for the Warners.

This is the reason I love what I do, Seeing the smiles on my clients faces when they get the keys. BTW… Dennis is smiling on the inside, :-).

Congratulations Warner’s

Dominic