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.
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.
Drew Meyers from Zillow
Thanks for writing — and glad we could help provide valuable content to your readers 🙂