Reno typical house prices set new record, Spark homes follow

Wednesday, Aug. 9, 2017|3:36 p.m.

RENO– Reno average home costs continue to climb up, with Stimulates houses routing closely.

The median rates for an existing single-family Reno home reached $387,250 in July, exceeding the $380,000 record set in January 2006, according to the most recent numbers from the Reno/Sparks Association of Realtors. Those numbers do not consist of townhomes, condominiums, made and modular residential or commercial properties.

The July cost represents an 8 percent increase from June and is 17 percent higher than in July 2016, the Reno Gazette-Journal reported. The paper obtained the numbers from the association as part of data request made previously this year.

The association’s numbers put the typical cost for a single-family home in Sparks at $315,000, a 5 percent boost from prices in June and 2016, but still under its average rate record of $335,000 set on July 2005.

The combined median rate for the greater Reno-Sparks came out to $357,500, simply 2 percent under the $365,000 record set in January 2006. As it stands, Reno/Sparks Association of Realtors President John Graham forecasts the location could be on track to exceed that mark this year.

Rates for starter houses in the Reno-Sparks utilized to begin with $250,000 and under, according to Graham. Starter homes are now about $300,000, making it tougher for new house purchasers.

He sees the prices as an opportunity for the move-up buyer market, which took a heavy toll during the economic downturn.

“If you’re still $50,000 down on your house, then you’re not looking for the next place up that costs more money,” he stated. “Individuals can at least have ideas now that it could be possible to move up.”

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