Here's why it costs so much to buy a home in Reno-Sparks right now
RENO, Nev. (News 4 & Fox 11) —
The median home price in Reno-Sparks last month was $320,000, the highest median price in nearly a decade, according to the Reno/Sparks Association of Realtors' monthly report.
Homes were 6 percent more expensive last month than in January and 10 percent more expensive compared to 2016.
Realtors said the market continues to be a "seller's market" because there are only four months of housing inventory, which is "the time it would take to exhaust the active and pending inventory at the current rate of sales."
Houses in outlying communities such as Carson City, Fernley and Dayton are becoming more inexpensive relative to housing prices in Reno, the report showed.
Experts anticipate more houses to go up for sale in spring and summer.
"(Given) how insane our winter was, you can quickly understand why maybe a lot of people were maybe hesitant to put their house on the market," mortgage consultant Michael Richardson said.
"Now that we've had 70-degree weather all week and we expect that to continue, we should start to see a lot more houses come onto the market."