Reno, Nevada Housing Market Prices
Reno Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 25% above the Nevada median$448,532
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Median rent 4% below the Nevada median$1,527
Housing Market Overview
| Metric | Reno | Nevada Avg | US Average |
|---|---|---|---|
| Median Home Price | $448,532 | $357,758 | $248,835 |
| Price Trend (Annual %) | 11.3% | 9.4% | 7.5% |
| Median Gross Rent | $1,527 | $1,597 | $1,407 |
| Rent Trend (Annual %) | 7.5% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Reno is about 25% higher than in Nevada. Rent is about 4% lower than the Nevada average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Reno, up about 11.3% and 7.5% a year respectively. Home prices are changing faster.
Median rent in Reno rose about 81.9% between 2015 and 2024, from $840 to $1,527. Over the same span, rent in Nevada rose about 64.3%.
Affordability
On average, housing unit costs 5.7 yearly household incomes in Reno.
Buying the median-priced home in Reno costs roughly 24.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Reno. The price-to-rent ratio in Nevada is about 18.7.
| Metric | Reno | Nevada Avg | US Average |
|---|---|---|---|
| Median Home Price | $448,532 | $357,758 | $248,835 |
| Median Household Income | $78,222 | $78,637 | $80,455 |
| Price-to-Income Ratio | 5.7 | 4.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Reno rose about 163.9%, while median household income rose about 54.8% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Reno | Nevada Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 45.1% | 54.4% | 58.5% |
| Rental Rate | 47.3% | 36.3% | 31.2% |
| Vacancy Rate | 7.6% | 9.3% | 10.2% |
| Median Tenure (years) | 10.0 | 12.0 | 15.0 |
| Median Year Moved In | 2016 | 2014 | 2011 |
Reno has a homeownership rate of 45.1%, lower than the Nevada average of 54.4%. Its housing vacancy rate is 7.6%, compared with 9.3% in Nevada.
Housing Stock
| Metric | Reno | Nevada Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.62 people | 2.53 people |
| Median Structure Built Year | 1988 | 1993 | 1978 |
| Median Number of Rooms | 4.8 | 5.3 | 5.5 |
The typical housing unit in Reno was built around 1988. On average, 2.3 people live in a home with about 4.8 rooms, staying for about 10.0 years on average.
Reno, NV Housing Compared With Nearby Cities
How Reno, NV compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Reno, NV | 252,492 | $448,532 #1/2 | $1,527 #2/2 | 48.8% #2/2 |
| Sparks, NV | 103,031 | $368,076 | $1,717 | 60.8% |
Frequently Asked Questions
Common questions about the housing market in Reno, Nevada.
What is the median home price in Reno, Nevada?
The median home price in Reno, Nevada is $448,532, higher than the Nevada average of $357,758.
What is the average home price in Reno, Nevada?
The typical home price in Reno, Nevada, reported as the median sale price, is $448,532. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Reno, Nevada?
The median gross rent in Reno, Nevada is $1,527 per month, lower than the Nevada average of $1,597.
What was the median gross rent in Reno in 2020?
In 2020, the median gross rent in Reno, Nevada was $1,091 per month.
What is the price-to-rent ratio in Reno, Nevada?
The price-to-rent ratio in Reno, Nevada is about 24.5, meaning it would take roughly 24.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Reno.
Are home prices or rent rising faster in Reno, Nevada?
Both home prices and rent are rising in Reno, up about 11.3% and 7.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Reno, Nevada?
45.1% of households in Reno, Nevada own their home, lower than the Nevada average of 54.4%.
What is the vacancy rate in Reno, Nevada?
The housing vacancy rate in Reno, Nevada is 7.6%, lower than the Nevada average of 9.3%.
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