Below is a guest post written exclusively for this blog by Zillow’s Content Coordinator, Miriam Bornstein
Reno’s housing market has shown much growth over the past year. With a median home value of $237,600, and home values increasing by 14 percent this year, Reno’s market is hot for buyers, offering some of the highest year-over-year appreciation across the United States.
Consider these three Reno neighborhoods with the fastest rising home values when beginning your home search.
Median home values in Northeast Reno are listed at $137,100 and have rapidly increased over the past year by a whopping 29 percent. This number is significantly higher than the median national home value increase of 3 percent. Northeast Reno is a great neighborhood for outdoor enthusiasts, offering stunning hiking trails at Keystone Canyon, breathtaking views of the Truckee River and the Great Reno Balloon Race, the largest free hot-air balloon event in the world. With a wide offering of the outdoors, close access to Sparks and the University of Nevada, Reno, it’s no wonder that home values will continue to increase throughout the next year by 11 percent.
With a median home value of $167,500, East Reno home values have increased by 22 percent since May of 2014 and are predicted to rise another 8.9 percent by May 2016. East Reno is located near the Reno-Tahoe Airport, making it a great neighborhood among business professionals who consistently travel for work. Another draw to this neighborhood is the price of single-family homes. With a median price of $195,400, single-family homes are less expensive than homes found in regions such as, Southwest Reno, South Central Reno and South Reno, where prices range from $314,100 to $374,100. With single-family homes appreciating by 16 percent year-over-year, East Reno is becoming a desirable neighborhood for those wanting comfortable amenities with nearby conveniences.
North Valleys, which has a median home value of $189,300, is the perfect destination for families and professionals who desire a community that’s removed from the city. Home values there have increased 16 percent since May of last year and are forecasted to increase another 6.8 percent by May 2016. In terms of trending areas, Sierra Sage Golf Course and Mayors Park are two hot spots in North Valleys with an abundance of recently sold homes. For those willing to live further from the city, North Valleys compensates with extra acreage, nearby schools and local events like the Reno Air Races.
Reno’s housing market has shown steady growth with prices appreciating by 43 percent over the last five years. Reno will continue to attract travelers and prospective residents with the rise of major businesses opening facilities such as, Tesla, Amazon and Apple and through the increased popularity of national events like Burning Man and the Great Balloon Festival. If you’re looking to buy a home, consider whether one of these three Reno neighborhoods is the right fit for you.