Zillow’s Take on Reno-Sparks

Zillow reports that home values across the U.S. continue to decline, with condo values down 7.4% year-over-year and single family home values down 5.5% year-over-year. Additionally, one in three new homeowners are now underwater on their mortgages.

Here is the summary of their fourth quarter survey for Reno-Sparks:

Home Type Zindex Quarter Over Quarter Change Year Over Year Change 5 Year Annualized Change 10 Year Annualized Change
All Homes $276,174 -5.1% -8.8% 8.4% 6.8%
Average Home $252,765 -7.2% -10.0% 8.2% 6.4%
Single Family Residence $294,738 -4.7% -8.7% 8.0% 6.6%
Single Family Residence, Small Size $217,724 -3.7% -8.6%    
Single Family Residence, Medium Size $261,381 -5.7% -7.9% 8.1% 6.4%
Single Family Residence, Large Size $380,726 -5.1% -8.7% 6.3% 6.8%
Condominium $207,227 -4.5% -6.1% 8.9% 8.7%
Condominium, Small Size $137,637 -5.1% -4.5% 12.5% 9.7%
Condominium, Medium Size $218,552 -5.5% -16.1% 8.8% 7.0%

And here we have results by city:

City City Size Rank Home Type Zindex Quarter Over Quarter Change Year Over Year Change 5 Year Annualized Change 10 Year Annualized Change
Incline Village 3 All Homes $690,197 -7.3% -5.7% 6.2% 9.3%
Reno 1 All Homes $282,124 -5.8% -9.3% 8.3% 6.8%
Sparks 2 All Homes $259,068 -3.6% -6.9% 8.6% 6.4%
Sun Valley 4 All Homes $168,271 -1.8% 2.9% 10.2% 8.1%
Verdi 6 All Homes $416,875   -18.7% 1.5% 5.4%
Washoe Valley 5 All Homes $497,208 -0.2% -6.1% 9.2% 8.2%

And results by neighborhood:

Region Type Region Name City   Zindex Quarter Over Quarter Change Year Over Year Change 5 Year Annualized Change 10 Year Annualized Change
Neighborhood East Reno Reno   $233,393 -5.6% -9.9% 10.2% 7.3%
Neighborhood North Valleys Reno   $228,164 -6.1% -7.9% 9.2% 7.2%
Neighborhood Northeast Reno   $189,662 -6.3% -9.9% 9.8% 7.5%
Neighborhood Northwest Reno   $315,977 -4.2% -5.5% 6.9% 6.3%
Neighborhood Old Northwest-West University Reno   $268,384   -2.3% 10.5% 7.7%
Neighborhood South Central Reno   $281,403 -6.9% -14.8% 5.8% 7.0%
Neighborhood South Reno Reno   $298,913 -10.8% -11.7% 7.8% 7.4%
Neighborhood Southwest Reno   $353,388 -3.8% -8.8% 7.6% 7.4%
Zip 89704 Carson City   $359,834 -2.9% -5.0% 10.4% 8.6%
Zip 89451 Incline Village   $690,197 -7.3% -5.7% 6.2% 9.3%
Zip 89501 Reno   $252,882   -2.1% 11.4% 8.2%
Zip 89502 Reno   $239,573 -5.7% -10.5% 9.8% 7.2%
Zip 89503 Reno   $269,651   -1.7% 10.3% 7.6%
Zip 89506 Reno   $231,504 -5.1% -9.3% 8.5% 7.0%
Zip 89509 Reno   $352,650 -6.3% -11.0% 6.2% 7.1%
Zip 89510 Reno   $471,064 -8.7% -11.0% 10.4% 9.1%
Zip 89511 Reno   $535,083 -9.1% -6.0% 7.0% 7.3%
Zip 89512 Reno   $190,612 -5.5% -10.4% 9.8% 7.4%
Zip 89521 Reno   $316,374 -9.8% -13.9% 6.9% 7.5%
Zip 89523 Reno   $322,173 -4.0% -5.5% 6.9% 6.4%
Zip 89595 Reno   $244,326 -9.1%   1.6% 8.9%
Zip 89431 Sparks   $216,756 -6.3% -10.6% 8.9% 6.5%
Zip 89434 Sparks   $249,555 -4.4% -8.1% 8.3% 6.1%
Zip 89436 Sparks   $298,134 -6.1% -10.6% 6.5% 5.8%
Zip 89433 Sun Valley   $168,271 -1.8% 2.9% 10.2% 8.1%
Zip 89439 Verdi   $416,875   -18.7% 1.5% 5.4%

Putting on my NAR membership hat, the good news is that we’re still up on a five and ten year basis… And my personal favorite, the most popular searches on Zillow by zip code:

ZIP City Rank Change YoY ZII 2007-Q4
89511 Reno 0 1458
89523 Reno 1 1281
89521 Reno -1 1278
89436 Sparks 4 833
89509 Reno 1 716
89451 Incline Village -1 711
89704 Carson City 0 706
89506 Reno 1 666
89510 Reno -5 519
89503 Reno 1 499
89434 Sparks -1 497
89439 Verdi 3 369
89403 Dayton 5 304
89502 Reno 0 300
89433 Sun Valley 2 290
89501 Reno -4 280
89512 Reno -1 267
89431 Sparks -5 263
89402 Crystal Bay 0 16

Thanks a bunch to Drew Meyers and the Zillow team for including our little metro area in this set of reports. They’ve done them for cities nationwide.

2 comments

  1. GreenNV

    Cool stuff, and I know what a pain this must have been to post on WordPress!

    I could crunch and argue all the numbers, but what’s the point? In general, Zillow’s report seems about right for what I see out there. But why can’t they get my house within 20% of market value (I’m 20% underestimated, of course).

    You are right that the “hits” by region statistics are the most interesting. Wingfield up in ranking, University area way down. Major fall off for downtown (sorry Mike Van H). I thought Dayton was in Ohio! Go figure.

    This is just the sort of “sideways” data that we need to see to try to figure out what the heck is really going on out there. Thanks.

  2. Drew Meyers from Zillow

    Thanks for writing — and glad we could help provide valuable content to your readers 🙂

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