There have been murmurings that Reno-Sparks is in a housing bubble. Take a look at the graph below. Reno-Sparks home values peaked in the 4th quarter of 2005 with a median home price of $350,000. If we look at the average appreciation rate of 1% per quarter, the median home value during Q4 2005 should have been just under $200,000.
Now let's look at the current home value. According to the 1% per quarter appreciation rate, we should be $289,930. The current median home value is is $290,000 so we are almost exactly where we should be.
If you have any concerns or questions about the Reno-Sparks real estate market, please call us at 775-453-4568. We would love to be of assistance.