Median Sales Price Since 2023 - Spiking??

[Jake Andronico]

The median home price in and around Reno has gone from roughly $480,000 to $605,000 in a little over 3 years.

What's interesting is most people don't remember the opportunity in between.

When interest rates shot up after Q2 of 2022, home prices fell roughly 10–15% from their peak of nearly $560,000.

During the winter of 2022/2023, many homes sat on the market for months.

Interest rates were very high.

Buyers had significant negotiating power.

Seller credits were extremely common.

The people who bought during that stretch?

Many of them are now sitting on a meaningful amount of equity.

It reminds me of how people talk about buying in 2009 or 2010.

Today, everyone agrees it was an incredible time to buy.

Back then?

Almost nobody did (you should Google old articles).

Prices had just collapsed.

Unemployment had surged.

Credit was extremely tight.

Headlines were overwhelmingly negative.

There were far more sellers than buyers, and most people feared prices would keep falling.

The best opportunities in real estate rarely feel like opportunities when you're living through them.

One of my favorite quotes is:

“Opportunity always feels like risk in the moment.”

I'm not saying I have a crystal ball.

Nobody knows where prices or interest rates are headed next.

But history has shown that when fear is high, competition is low, and everyone is waiting for "more certainty," that's often when the biggest long-term opportunities are created.

What do you think:

Do the best real estate deals happen when everyone is excited... or when everyone is nervous?