Few Reno-Sparks homes for sale under $300,000
There aren't many homes on the market in the Reno-Sparks area -- and the ones that are for sale are not cheap. The median price is $335,000. But it's hard to find anything below that price.
Within the McCarran loop the Reno-Sparks Association of Realtors said there are only 44 homes under $300,000. And those homes are true fixer-uppers, needing a lot of work. There are also 38 condos for sale under that price. If you're making minimum wage, you're still probably not going to be able to afford one.
"I'm 72 years old, on a limited social security and there's no way I could even afford a down payment," said Reno renter Joann Gordy. "I don't know how people do it."
Buyers are snatching up homes quick. In the Reno area, they typically sell in about in about 90 days.
John Graham with the Reno/Sparks Association of Realtors said a 4-6 month supply is a "normal" market. Now the area only has a month-and-a-half supply.
"That would say if we had no new listings for the next six weeks, there'd be nothing for sale in Reno, Reno and Sparks," he said. "Very, very, very low inventory."
Crews are building houses as fast as they can to keep up with the demand. But realtors said it's hard to build a house today for less than $400,000.
"That's because land cost, labor cost, materials cost, permitting cost," Graham said.
The housing crunch is a typical example of supply and demand. But with more corporate businesses like Apple, Tesla and Google coming to town, it's not a friendly buyer's market.