Reno, NV home prices and housing market

Reno home values are up about 2 percent this year, but nearly one in five sellers just cut their asking price. If you are weighing a sale, that split tells you more than either number alone. The typical Reno home is now worth about five hundred sixty-three thousand dollars, up roughly 2.3 percent from a year ago. That is real appreciation, and it means your equity has not gone anywhere. But look at what sellers are asking. The median list price is around six hundred eight thousand dollars, well above what the typical home is actually worth, and that gap is where the trouble starts. Homes are sitting for a median of about 53 days before they sell, and there are roughly 788 homes on the market right now, with about 396 new listings arriving this month. Buyers have options, and they are taking their time. The proof is that nearly 19 percent of active listings have already taken a price cut. Here is what that means for you. This market still rewards a well priced home, but it punishes an ambitious one, so price near what your home is worth, not near the asking prices you see around you. Find out what your Reno home is worth with a free estimate at Home Value Pros dot com.