Median Reno home price could be $500,000 in five years, says local real estate agent
The Reno/Sparks Association of Realtors announced this week that the median home price in Reno last month was $387,000, up 17 percent from July 2016.
Doug McIntyre, RSAR president-elect, told News 4-Fox 11 he believes the median home price will continue to rise for at least five years, and could soon approach $500,000.
McIntyre said developers are struggling to build enough homes at a fast enough rate for a growing Northern Nevada population, already inflated by Tesla workers and other employees at the Tahoe-Reno Industrial Center.
"Developers are going to head out to the Fernley area and the Silver Springs area, where there is a lot of land that they'll be able to build on," McIntyre said. "It's also going to be less expensive."
The median Sparks single-home price was $315,000 in July, while the median price in Fernley was just $230,000.