This is the latest existing Reno-Sparks Single-Family Median Home Price Chart. As you can see the market appears to have peaked in Q2 2022 and is decreasing with Q4 having a median home value of $535,000 which is a 4.1% decrease from the prior quarter and a 0.9% decrease from the same quarter in the prior year. The grey and blue trendlines show how our market would have trended with a 4% annual appreciation rate (this was the average appreciation in our area between 1990 and 2001) and a 6% annual appreciation rate. This Data is from Q4 2022. The next Median Home Value chart for Q1 2023 will be available in mid-April 2023.

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CoreLogic released their Home Price Index report for November, showing that home prices fell by 0.2% from October but they were 8.6% higher when compared to November of last year. This annual reading declined from 10.1% in October but is still solid. More importantly, CoreLogic forecasts that home prices will drop 0.1% in December but rise 2.8% in the year going forward.    What’s the bottom line? While CoreLogic has reported slightly negative readings month to month, they still forecast nearly 3% appreciation nationwide over the next year, which can be meaningful for wealth creation. For example, if someone bought a $400,000 home and put 10% down, they would gain $12,000 in appreciation over the next year and earn a 30% return on their investment…

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This gorgeous 5,419 sq. ft. Somersett home is located directly on the golf course in a private, quiet cul-de-sac. The recently remodeled kitchen is stunning, with a farmhouse sink in the enormous island as well as a very spacious butler's pantry with an additional sink and dishwasher, refrigerator space, and an abundance of storage. The several living areas include a spacious living room, den and a ground-level bonus room with a wet bar, bathroom, and direct patio access.

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Median home sale prices have risen on a year-over-year basis for 52 consecutive months. In June, they reached yet another all-time high. Sure, from a macro view, we all understand that it’s a matter of supply and demand — not enough homes for sale in the major employment centers.

But what about your house, or the house that you want, in the city where you live? What drives the price of a specific home in a specific place?

The three factors that matter most

Rick Singh, the elected property appraiser for Orange County, Florida, says the price of a home hinges on three factors: location, product and timing.

Product and location are intertwined, meaning “the right home in the right neighborhood,” Singh says. Timing, though, can be tricky,…

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