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Northern Nevada Housing Market Adapts to New Mortgage Rates

September 26, 2026

The median home price in Reno is $659,777, near a record high. The 30-year fixed mortgage rate has risen to 7.12%, the highest since May 2024, driven by inflation linked to rising oil prices amid the Middle East conflict. Limited land availability in northern Nevada restricts housing supply, keeping prices high. Buyers are advised to negotiate seller credits or rate buy-downs to ease costs.

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