Published October 23, 2026 in Market Update

Prices split across South/Southwest Reno this fall

By Matthew Murphy

Real estate, South/Southwest Reno

The Federal Housing Finance Agency reported U.S. house prices rose 2.6% from July 2025 to July 2026. That number sounds simple. It is not the whole story for South/Southwest Reno.

The Real Estate Data Aggregator counted the three months ending August 31, 2026. In that period, two ZIP codes here moved in opposite directions, by wide margins.

The two ends of the split

ZIP 89511 is the high end of this market. The Real Estate Data Aggregator put its median sale price at $1,405,000 for the three months ending August 31, 2026. That is up 11.1% from the same months in 2025.

ZIP 89519 tells a different story. The Real Estate Data Aggregator put its median sale price at $835,000 for the same period. That is down 17.1% from a year before. Prices dipped, and they dipped a lot.

ZIP 89523 was nearly flat. The Real Estate Data Aggregator counted a median sale price of $661,250, up just 0.3% from a year before. ZIP 89439 in Verdi slipped 5.6% to $830,000.

So the same market, the same three months, produced swings from plus 11.1% to minus 17.1%. A national number of 2.6% does not capture that.

Homes are selling faster even where prices fell

Here is the part that surprises people. In 89519, where the median price fell 17.1%, the Real Estate Data Aggregator found that 43.6% of homes went under contract within two weeks of listing. That share rose 10.3 points from a year before.

In 89523, nearly half of homes, 49.3%, went under contract within two weeks. That share rose 18.3 points from a year before, the biggest jump in this market.

Lower prices in 89519 did not slow buyers down. More homes went under contract quickly, even as the median price dropped. That tells you demand is real, even if values adjusted.

Supply is tighter across the board

The Real Estate Data Aggregator counted 340 homes for sale across South/Southwest Reno in the three months ending August 31, 2026. That is down 21.5% from the same months in 2025.

More homes sold. Fewer were available. New listings fell 8.5%. That is a tighter market, even in the ZIP where the median price slid.

In 89511, the Real Estate Data Aggregator counted 3.1 months of supply, down 2.3 months from a year before. In 89523 it was 2.5 months, the tightest of the four ZIPs here.

What the national rate picture adds

CNBC reported the average 30-year fixed mortgage rate fell to 7.41% from 7.50%. Rates above 7% slow some buyers. Not every buyer, but enough to matter for pricing.

CNBC also reported that mortgage purchase applications fell 7% for the week and were 18% lower year over year. Fewer loan applications nationally means some buyers are sitting out.

That context helps explain why some sellers in 89519 may have had to price more carefully to close a deal, even as quick sales stayed common.

Realtor.com reported that the median list price in the broader South region was $379,000 in September 2026, with a median of 68 days on market. South/Southwest Reno's own ZIP codes, tracked by the Real Estate Data Aggregator, sit well above that regional figure in price and well below it in days on market.

What this means for you

If you own in 89511, prices moved in your favor this year. The Real Estate Data Aggregator showed 89511 homes selling in a median of 46 days, 16 days faster than a year before.

If you own in 89519, the median price fell 17.1%. That is a real shift. But homes still sold, and they sold quickly for many sellers. The sale-to-list ratio held at 97.9%, the same as 89511.

In 89523, the Real Estate Data Aggregator found a sale-to-list ratio of 99.3%, the highest of the four ZIPs. Sellers there came closest to getting their asking price.

One street can read very differently from the ZIP code around it. If you want to know where your block sits in this split, send me your address and I will look it up.