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Reno real estate market overview
- Average Monthly Rent: $1,612
- Home Price/Value Percentage Change: -4.00%
- Median Home Value: $518,838
- Best Time To Sell a Home: October
- Affordability Index: Low
- Days To Sell a House: 83
- Job Market: Fair
- Public School Ranking: 39
Location and weather
Reno is a casino destination with larger than life attractions, including the world's biggest climbing wall that rises 164 feet toward the sky in the downtown area of Basecamp. Reno lies at the western border of Nevada and is about 20 miles east of the Sierra Nevada mountains and Lake Tahoe, the second largest alpine lake in the world.
Reno is one of the ten sunniest cities in the country, and has long, dry summers with high temperatures in the 90's and lows in the high 50's. The winter temperatures have highs in the low 50's and lows in the low 20's.
Population, job market and cost of living
The population in Reno in 2023 is 275,847, with a growth rate of 1.43%.
In the last year, job growth has decreased by -6.59% and in ten years, is predicted to have grown by 51.12%. The largest industries are Health Care, Professional, Scientific, and Technical Services. The largest employers include AMERCO, Washoe County School district, Eldorado Resorts, Reno NV and Trane. Twenty miles east of Reno, the Tesla Gigafactory celebrated its grand opening in July of 2016. Three "blocks" of the factory have been built, which is just 14% of what will eventually be the world's largest building in physical area.
The cost of living is high, due to the Reno real estate market and shortage of houses. With its diverse industries, increasing job growth, warm climate, entertainment attractions, and a beautiful desert location, Reno will continue to attract more people to work and live there.
Reno real estate market details
- Idlewild Park
- Lemmon Valley
- Virginia Foothills
- Stead
- Golden Valley
The average monthly rent in Reno is $1,612 for an average apartment size of 862 sq. feet.
There has been a -4.0% decrease in median home value over the last year. As of 2023, the median home value is $518,838.
On average, homes in Reno sell after 83 days on the market.
The best time to sell a home for the highest valued sale is during October. For the quickest sale, homeowners should sell in June.
The affordability index in Reno is 121. This number indicates low affordability in this city.
The top ranked public schools are Findley Elementary School, Bonny Slope Elementary School, Stoller Middle School, Flex Online School and Jacob Wismer Elementary School. This information is based on data measuring academic performance and equity.