Reno, Nevada Houses for Sale: Buying a Home in 2023 and What to Expect

The Biggest Little City in the world, Reno, Nevada, where the ideal balance between metropolitan energy and unspoiled beauty can be found. Its gorgeous landscape will prepare you to embark on an extraordinary trip as you unlock the door to your dream house, where every moment becomes a treasured chapter in the story of your life.

As we head into 2023, it will be crucial for prospective homebuyers to stay up to date on the most recent trends and expectations in the real estate market. If you are looking for Reno, Nevada houses for sale,  the real estate market has been continuously expanding, which could provide you with a variety of options.

Here’s a list of what to expect/consider before buying a home at Reno, Nevada:

Rising Cost of Housing

Just like other cities across the United States, Reno has experienced a steady increase in home prices over the past few years. The Sierra Nevada Realtors (formerly known as Reno/Sparks Association of Realtors) reported that in 2022, the median sales price for single-family houses in Reno increased to a new record. Home price growth is anticipated to continue in 2023, albeit at a somewhat slower rate. When looking for houses for sale in Reno, Nevada, buyers should be ready for a competitive market and carefully examine their budget.

According to recent Redfin data, the median price of a home sold for in Reno in April 2023 was $499,900, a 9.11% decrease and $480,000 in Sparks, a 5% decrease compared to the previous year.

Housing Market

One challenge that buyers may face in 2023 is the limited inventory of homes for sale. The demand for housing in Reno has been high, driven by factors such as job growth, a desirable location, and a vibrant community. However, the supply of available homes has struggled to keep up with this demand. This limited inventory can lead to increased competition among buyers, making it crucial to act quickly when a desirable property becomes available.

As stated in the statistics of Redfin data this April 2023,  Nevada had 13,009 homes for sale, 925 from Reno and 327 from Sparks.

New Construction

Reno is now developing new construction projects to solve the shortage in supply. To accommodate the rising demand, developers are creating new housing developments and residential neighborhoods. These new construction options allow buyers to buy brand-new house with cutting-edge features and amenities. For clients seeking a new beginning, keep an eye out for new building projects in Reno as they can present appealing possibilities.  

According to Steffen Lehmann, founder of Future Cities Leadership Lab and director of the University of Nevada, there are additional expenditures associated with expanding farther from the city core. This is due to the fact that doing so requires the construction of new sewage systems, utility connections, and other infrastructure in addition to adding new public services like police and fire stations. Additionally, single-family residences are often more expensive per unit than multi-unit buildings, making them more expensive.

Duplexes, bungalow courts, and townhouses are a few examples of multi-unit housing developments. These apartments are a component of the so-called "missing middle," which consists of homes with two to fifty units that boost housing density and are designed for urban living.

Mortgage Rates

When buying a house, it's important to take the current mortgage interest rates into account. Interest rates have stayed relatively low in recent years, making it a good opportunity for buyers to get a mortgage. However, analysts anticipate a gradual increase in mortgage rates in 2023 as the economy keeps improving. For the greatest financing alternatives for their budget and long-term financial goals, buyers or investors should keep up with changes in mortgage rate patterns and consult carefully with real estate agents. You can prepare for the home-buying process in Nevada with the aid of a financial advisor. To ensure that you are planning for the future, financial advisors can also assist with investment and financial plans including tax, retirement, and estate planning.

Real Estate Agents

Navigating the real estate market can be complex, especially in a competitive environment. Engaging the services of a knowledgeable real estate agent in Reno can greatly benefit you. A local agent will have a deep understanding of the market, access to exclusive listings, and the ability to negotiate on your behalf. They can guide you through the home-buying process, ensuring you make well-informed decisions and find the right property that fits your needs and budget.

Think about requesting recommendations from friends, family, or coworkers who have recently bought or sold a property. Personal referrals are typically trustworthy sources for locating reputable agents. You can also interview several agents, and ask them about their background, their understanding of the local market, track records, and the services they offer.

Neighborhoods and Facilities

Reno has many distinct neighborhoods, each with its own special charm and amenities. Consider your lifestyle choices when looking at Reno, Nevada houses for sale, such as the accessibility of nearby parks, schools, and retail areas. You might also want to consider Midtown (hub of local businesses), Old Southwest (historic neighborhood), Caughlin Ranch (picturesque setting and well-designed homes), South Meadows (mix of commercial and residential developments), Northwest Reno (spacious lots and scenic mountain views), and Arrowcreek (expansive views of the city and the Sierra Nevada mountains). You will gain a better grasp of the neighborhood and be able to locate a place that fits your preferences and way of life by exploring these locations.

Due DiligencE 

It is critical to perform exhaustive due diligence before finalizing your purchase. This includes getting a professional home inspection, going over all pertinent paperwork, including seller disclosures and title reports, and learning about the zoning of the surrounding area and any future development plans. By ensuring that all legal matters are correctly addressed throughout the transaction process, working with a real estate attorney can add to your peace of mind.

Keep in mind to choose an experienced real estate agent who specializes in Reno, Nevada houses for sale. They will serve as your reliable advisor, offering professional guidance and assuring a simple home-buying process.

Living in RenO 

If you love the outdoors, Reno offers plenty of day trips you can enjoy. Take advantage of the boardwalks in Virginia City, miles of trails in Washoe Valley, visit the Bowers Mansion up to the summit and have a great view of the entire region, you may also head to Lake Tahoe and relax to its clear waters and clean beaches.

There are several festivals you will also enjoy in Reno:

Reno River Festival, celebrated annually in Mid-May which includes kayaking and whitewater competitions as well as a craft beer village and a cycling competition called Reno River Roll.

Reno Rodeo, celebrated annually in Mid-June which was first held in 1919 which includes classic rodeo activities like bull riding and steer wrestling as well as family-friendly activities like mutton busting. Did you know that in 1949, John Wayne went to the Reno Rodeo Parade?

Artown, celebrated the whole month of July which honors all things artistic and features performances in the visual, performing, and literary arts as well as music, dance, theater, and film.

Lake Tahoe Shakespeare Festival, celebrated from early July to late August that takes place near Tahoe’s Sand Harbor. This commemoration of Shakespeare's work was launched in 1972 with eight performances by the New Shakespeare Company.

Hot August Nights, celebrated from early-August to mid-August. This festival of vintage cars and rock and roll is one of the biggest festivals in the Biggest Little City. To the dismay of those who simply wish to make their daily commute across town, the event draws roughly 6,000 classic cars.

During The Great Reno Balloon Race, thousands of people get up early and make their way to Rancho San Rafael Park in Reno to see balloons spring to life all around them as the summer heat gradually gives way to the chilly air of the fall.

Reno's arts and cultural scene has expanded since 2010, when the housing market hit an all-time low. When you start living here, you will have access to gallery exhibits, curiosity museums, a nearby animal refuge, as well as the region's parks and rich history. You may even take a tour of the previous Mint in Carson City, which processed local silver and gold coinage. You will also discover that Reno's culinary scene is top-notch due to the city's hotel and casino lifestyle.

Conclusion

Reno offers a variety of areas to fit any lifestyle, from the tiny streets of Midtown to the magnificent views of Northwest Reno. Choose the ideal house that not only satisfies your needs but also immerses you in the distinctive beauty and opportunities that Reno has to offer by consulting with dependable real estate experts and taking your long-term objectives into account. You will be entering a world of limitless opportunities and treasured memories as soon as you open the door to your new Reno home.

Sources:

https://www.redfin.com/state/Nevada/housing-market

https://www.redfin.com/city/15627/NV/Reno/housing-market

https://www.rgj.com/story/money/business/2019/03/07/missing-middle-renos-housing-crisis/3056400002/

https://smartasset.com/mortgage/nevada-mortgage-rates#nevada

https://www.noradarealestate.com/blog/reno-real-estate-market/

https://vittana.org/15-pros-and-cons-of-living-in-reno-nevada

https://www.rgj.com/story/life/2018/06/25/reno-tahoe-top-12-annual-big-events-festivals/726446002/