Reno, NV housing market

Reno's housing market is moving at a measured pace this June, and the number that tells the story best is forty-five days. That's how long the typical home takes to sell here, in a market where buyers have time to think and sellers have to earn their price. The typical Reno home is worth about five hundred sixty-five thousand dollars, up just over one percent from a year ago. Values are holding, but they're not running. Here's the tension. The median asking price sits near six hundred fifty-four thousand dollars, well above where most homes are actually valued. With about 750 homes for sale and roughly 450 new listings arriving this month, buyers have real options, and about 16 percent of listings have already cut their price. That's not a market in trouble. It's a market that quietly punishes optimism. Price where the market actually is, and you'll likely sell in a reasonable window. Price on hope, and you may join the one in six sellers marking down later.