Reno, NV Housing Market Report

The Reno housing market as of December 2025 is characterized by a state of tight equilibrium, leaning slightly in favor of sellers due to a significant contraction in available inventory. With active listings down 13.62 percent year-over-year to just 1,433 units, the scarcity of options is preventing a meaningful decline in prices despite broader economic pressures. The sale-to-list ratio of 0.99 indicates that properties are selling nearly at their asking price, suggesting that while the market is not experiencing the frantic bidding wars of previous years, demand remains robust enough to support current valuations.

Price trends over the latter half of 2025 reveal a resilient recovery following a minor mid-year dip. After reaching a low of $551,903 in September, the median home value has climbed for three consecutive months to reach $554,171 in December. This modest 0.16 percent year-over-year increase reflects a market that has stabilized. Meanwhile, the rental market is showing much stronger upward momentum, with median rents rising 5.2 percent to $1,858. This divergence suggests that while high mortgage rates may be tempering home purchase activity, the underlying demand for housing in the Reno metro area remains high, driven by regional job growth and the city's appeal as a tech and logistics hub.

Looking ahead, the Reno market appears poised for continued stability rather than volatile swings. For buyers, the 63-day average time on market provides a reasonable window to conduct due diligence, though the shrinking inventory means they must be prepared to act decisively when a quality property appears. Sellers can expect to receive offers close to their asking price, provided the home is priced accurately. The primary risk for the market remains the persistent inventory shortage; until more supply enters the market, the combination of high rents and stable home values will likely keep the Reno real estate environment competitive through the first half of 2026.