Reno market projected to decline 5% in 2012

Reno appeared on a couple more lists yesterday. Unfortunately neither list is particularly good news.

The first is a list of the top 10 U.S. metro areas with the greatest year-over-year median home-value declines. The list of metros was compiled by Inman News using Zillow’s Home Value Index and ranked metro areas by greatest percentage drop. The top ten are…

  1. Gainesville, Fla. -17.2%
  2. Atlanta, Ga. -14.7%
  3. Medford, Ore. -14.2%
  4. Chico, Calif. -14.0%
  5. Mobile, Ala. -12.8%
  6. Tucson, Ariz. -12.7%
  7. Ocala, Fla. -12.7%
  8. Madera, Calif. -12.3%
  9. Santa Barbara, Calif. -12.0%
  10. Reno, Nev. -11.8%

See the Inman News piece here: 10 US metros with largest drops in real estate values

The other list is from Veros Real Estate Solutions. Yesterday Veros released its real estate market forecast for the 12-month period ending December 1, 2012. An accompanying press release noted the projected five strongest and weakest markets for 2012. Unfortunately Reno, Nevada was one of the projected five weakest markets…

Projected Five Weakest Markets

  1. Bakersfield, CA -6.8%
  2. Reno/Sparks, NV -5.7%
  3. Las Vegas/Paradise, NV -5.3%
  4. Sacramento-Arden-Arcade-Roseville, CA -5.2%
  5. Fresno, CA -5.2%

source: VeroFORECAST

Click on the .pdf below to access the full press release.

1 comment

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    Oh yeah, gotta include Santa Barbara. With a median of 371K it’s now down to what Reno was up to at the peak. Nothing like a 795K bargain for a 1905 built 2200 sq ft ‘dream house’ …….

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