In a word, no. Take a look at the graph below.
The blue line in the graph represents a 1% historic appreciation rate. This was the average appreciation rate from 1990 – 2001. If we had continued appreciating at that rate, today’s median price would be $276,235. At the end of the first quarter of 2015, the median price for Reno/Sparks was $270,000.
The red line represents the actual median price, and the bubbles that occurred on both sides of the 1% appreciation line; first at the top of the market in 2005, and then again at the bottom of the market in 2012.
Reno home prices still haven’t quite caught up with where single family home prices should be based on historic appreciation. But, if you’re planning to sell your home, it may be the right time to start preparing your property. If you’re planning to purchase a home, let us know. We will set you up with a customized home search to find the perfect property for you. Give us a call at 775-453-0209.