Question: how far has reno home prices gone down?

 By: thetruthaboutmortgage.com

2001 prices.

Reno Median Sales Price (1993-2005):

1993:  $128,000

1994:  $133,500

1995: $138,400

1996: $139,925

1997:  $147,950

1998:  $152,500

1999:  $160,125

2000:  $170,000

2001: $177,000

2002: $199,500

2003: $236,000

2004: $299,000

2005: $353,000

Here's how we can tell that current prices are almost the same as 2001 prices:

(click image to enlarge)

2009 Reno Median Price Sold:  $184,450

Reno Median price is still falling because the mid to high end homes prices are still going down.  The starter home market is experiencing a great demand (highest in years!) and more and more people are paying for the asking price and even more!

How far are we from the bottom? I don't know.  But bear in mind that when you see median home price still going down, that may only be half of the story. Dig in deeper.  Is the mid to high end homes still dragging the median sales price? Has the starter home market already reached a bottom?(you won't see this in the above graph)?

Keep a close eye.  Opportunities are already here.