Photo Credit: Reno Realtors
Home prices have hit the $400,000 mark in Reno for the first time ever. That's an increase of $70,000 from this time a year ago.
If you're a homeowner who's looking to leave the area, now would be a great time to sell, but if you're looking to buy a house in Reno or Sparks, it can be a bit of a challenge.
Realtor partners John Oliver and Katrina Karlsson are at the front lines of Reno’s current rise in housing cost. Much like other realtors in the area, the duo is currently seeing a large number of clients who'd like to buy a home, but there's one problem.
“Below $400,000 there's only about a month of inventory on the market, which makes it very difficult to find a home because 75 percent of all the buyers are below $400,000,” said Oliver.
The lack of inventory is a classic case of supply versus demand and it's forcing buyers to take another route. Some people are settling on the location.
“How far do I have to drive to get a house that I can afford, as an example, Fernley is still $100,000 less expensive for a home,” said John Graham, the former president with the Reno/Sparks Association of Realtors.
Others are settling on the size and shape of a home.
“They'll end up getting a condominium or they'll get some multi-housing that they hadn't thought of before and save their money for another day,” said Oliver.