Business

Housing Prices Climb to Record Highs in Northern Nevada

 

Recently, Northern Nevada has seen a big increase in housing prices. In July of 2011, the median home price was $150,000 in Washoe County’s Truckee Meadows area.  After six years of growth, it has skyrocketed to $357,500.  In Reno, the median sales price is $387,250, which is an all-time high.

The median sales price in Sparks is $315,000, but prices are much lower outside of Washoe County.  Many people are buying homes in Silver Springs and Fernley, where the median home price is $230,000.  Prices are expected to continue rising for the next several years. . Unfortunately, wages are not keeping up with the rising home prices so the best thing for buyers to do is talk to a lender to get pre-qualified, and act quickly if you want to buy a house.

Experts say something has to give, and it won’t be housing prices.  That means wages will have to go up, since Reno’s median household income is currently about $55,000 per year.

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