The Northern Nevada housing market continues to boom by double digit growth figures.
Over the course of a year, the average selling price for a home in Washoe County increased by 34% to $265,000, according to the Nevada Small Business Development Center.
While the median price for a home in Washoe County is in the mid-200,000, it's becoming increasingly difficult to find available homes. Competition has grown fierce and homes are not staying on the market for long...and when they do sell, it's often 10-15,000 over the asking price.
Some realtors are not that surprised with the 34% growth rate...since the real estate market has been growing at a hungry pace for the last few years...and will most likely continue to do so.
While the median prices for the county rose 34%, house prices in Reno grew by 35%. Sparks, 34%...and the North Valleys increased by 25%.
In this competitive market, realtor Linda Averett highly recommends that buyers, especially first-time home buyers, enlist the help of the a licensed real estate agent who can help you more quickly negotiate a deal.