How Does Reno's Median Housing Price Compare to Other Cities
You can still buy a nice home in Reno/Sparks for $400,000 but we need to be careful about further escalation in prices. A big part of our buying market is in that $300,000 - $400,000 range. We need to create some new innovative opportunities with attached and small lot products to hit this price point. The proposed Daybreak master plan in South Reno is one of those opportunities!
Mark Krueger, Principal – Krueger Land Team
Reno's median house prices hit an all-time record high in March and continues to hover around $400,000. Many other cities, especially on the West coast, are hitting records as well. Cities throughout the West are absorbing California's population as residents are leaving as California's house prices crest $1 million.
What a buyer can expect to purchase for $400,000 or even $1 million in each city varies considerably.
Reno - $400,000
In Reno $400,000 still buys a decent amount of space for the average family size. That purchase price will get someone three to five bedrooms around 2,000 square feet. In some of the suburbs, a home in this price range comes with a larger lot.
Austin, Texas - $296,500
Austin, Texas is often compared to Reno five years from now. Austin is considered the most expensive housing market in Texas, though its prices are behind Reno's current market. While the median price is below $300,000, most homes in this price range are smaller than 1,000 square feet and have two to three bedrooms.
Boise, Idaho - $300,000
In Boise, Idaho the median house price varies greatly from $183,000 to $479,000 depending on the income of the area. The $300,000 houses are similar to Reno's more expensive homes, with an average of 2,000 square feet and up to five bedrooms. Boise homes are more spread out than the average Reno home, with large yards. A $400,000 house is about the same but will put buyers in some of the more sought after suburbs around the city.
Portland, Oregon - $400,000
While Portland's median home prices is similar to Reno's the houses are more similar to Austin's - smaller, older inventory.
San Jose, California - $1.1 million
San Jose is not very similar to Reno, but is worth showing as an extreme outlier. San Jose is one of the most expensive city in the country with a median house price of over $1 million. House that sold in this range look like those that recently sold in Reno and Sparks: Stucco homes built in 1997 with three bedrooms, 1,650 square feet and a small yard. Homes that sold for $400,000 in San Jose tend to be 600-1,200 square foot condos and apartments, short sales, or homes built before 1940.
The complete article by Mike Higdon, published on May 30, 2018, can be read here.