Reno's strong demand and shrinking inventory created double-digit price appreciation. In the self-proclaimed "Biggest Little City in the World," famous for its casinos, the amount of time houses stay on the market has dropped more than 32 percent from last year, according to Realtor.com. Meanwhile, inventory shrank more than 29 percent, and the median list price jumped 26 percent.
It is definitely a "seller's market," Keller Williams realtor Guy Johnson wrote on the Reno Realty blog. What's more, he said, most of those sales were "equity" sales (seller owes less on the mortgage than what the home is worth), as opposed to foreclosure or short sale.
Last month, for example, 71 percent of sales were equity, with 21 percent short sales and 7 percent real estate owned (bank owned properties that didn't sell at foreclosure auction).