Referencing data from a new study from Renofi, REALTOR® Magazine reports that, “in Nevada, home prices have more than doubled since 2010, surging nearly 106%.” See What Will Homes Be Worth in 10 Years?
In their study, Renofi analyzed the average home price in every state, comparing it from September 2010 to September 2020, and then using that number to project a September 2030 value.
Renofi’s analysis projects Nevada’s September 2030 home value to be $652,526. [Note: Renofi’s Methodology states:
To estimate property prices in 2030, we took the average price in each state and the 50 most populated cities in the US for the present day (September 2020) and ten years ago (September 2010).
We then calculated the rate of change in values between the two dates and applied this rate of change to the average price in September 2020 to estimate how they might look in 2030, assuming that they continue on that same trajectory.
It’s unclear if by “average price” Renofi is referring to list prices or sold prices.]
Reno, NV home prices in 2030
Just for fun I decided to apply a similar methodology to home prices in our local markets. For my analysis, I looked at median sales price changes from September 2010 to September 2020 in the following markets and then used that delta to project the median sales price for 2030.
The table below shows the results of this exercise…
Hmmm…Reno, Nevada median home price at $1.2M in 2030. What do you think? I would love to hear your thoughts in the comments below.
Note: Residential median home price data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS and the Incline Village REALTORS® – October 27, 2020. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data dating back to 1998 click here.
Click here to see Reno Homes for Sale.
Click here to see Incline Village Homes for Sale.