Reno Real Estate Market: The Big 5 Year Boom

Kili Rahbeck
Jun 26
2 min read

📈 Pandemic-Era Surge (2020–2021)

The onset of the COVID-19 pandemic in 2020 spurred a migration from urban centers to more remote, nature-rich locales. Reno, with its picturesque setting and outdoor amenities, became a prime target for buyers seeking refuge and remote work flexibility. This surge in demand led to a notable increase in home values.

📉 Market Correction and Stabilization (2022–2024)

Following the pandemic-driven boom, the market began to stabilize. In February 2025, Reno home prices were up 9.0% compared to the previous year, selling for a median price of $543,000. On average, homes in Reno sold after 63 days on the market, compared to 50 days the previous year. There were 216 homes sold in February 2025, down from 227 the previous year.

📊 Current Market Snapshot (April 2025)

Median Sale Price: The median home sold price in Reno was $578,091 in April 2025, up 5.4% from the previous year.
Average Home Value: The average Reno home value stood at $559,815, reflecting a 4.4% year-over-year increase.
Median Listing Price: In March 2025, the median listing home price in Reno was $555,000, trending down 7.3% year-over-year.
Median Days on Market: Homes in Reno averaged 63 days on the market in February 2025, compared to 50 days the previous year.

🔍 Influencing Factors

Several elements have shaped the real estate trends in Reno:

Remote Work Trends: The sustained flexibility of remote work has kept demand high for properties in scenic, less densely populated areas.
Interest Rates: Elevated mortgage rates have impacted buyer affordability, leading to a more balanced market.
Inventory Dynamics: An increase in inventory has provided buyers with more options, influencing pricing and competition.

🔮 Looking Ahead

As we progress through 2025, the Reno real estate market is expected to continue its path toward stabilization. While the rapid appreciation of the pandemic era has subsided, the area's enduring appeal—rooted in its natural beauty and recreational opportunities—suggests sustained interest from buyers. Potential decreases in mortgage rates may further invigorate the market, offering opportunities for both buyers and sellers.