📉 50% of Reno–Sparks Metro Homes Lost Value Over the Last Year?

A new Zillow press release made waves this week with a headline that stopped a lot of people in their tracks: 53% of U.S. homes lost value over the past year — the highest share since 2012.

After seeing that, we naturally wanted to know: How does Reno–Sparks compare?

Using the latest Zillow Home Value Index (ZHVI), Greater Reno market data, and Washoe County appreciation metrics, we broke down what’s really happening locally — and how our market stacks up against the national “53% decline” narrative.

📍 Reno–Sparks Year-Over-Year Home Value Change (2024–2025)

(Latest available: October 2025 ZHVI & Washoe County MLS trends)

➡️ Reno Metro Prices: –1.2% YoY

That means: Estimated % of Reno–Sparks homes that declined in value:

≈ 45% – 55%

Why the range? Because:

• Reno appreciation has been flat to slightly negative, depending on the neighborhood.

• Higher-priced segments (South Reno, Somersett, parts of Sparks) softened most.

• Entry-level and mid-tier homes held value better due to affordability pressures.

Bottom line:
Reno is very close to the national trend — but slightly better than the U.S. average.

📊 Supporting Local Stats (You’ll recognize these from recent market updates)

Mortgage Rates

6.3% (down from 9%+)

Median Reno–Sparks Price

$557,000 (▲0.9% YoY — but that’s median, not individual property values)

Inventory

1,307 homes (▼6% YoY)

Unsold Listings / Expireds

160 homes (▲18.5% YoY — a sign of price pressure)

Interpretation

• Even though the median price is slightly up, many individual homes are down YoY — especially 2021–2022 peak purchases.

• The middle of the market is holding, but the upper tier has softened, pulling the average down.

• Reno is a market trends leader: quick to rise, quick to soften.

🏠 Reno–Sparks Breakdown by Area (Modeled from local YoY data)

Area / Segment	YoY Value Movement	% of Homes Likely Down
North Valleys	Slightly down	~40%
South Reno	Moderately down	~55%
Somersett / NW Reno	Down	~60%
Spanish Springs	Flat / slightly down	~45%
Central Reno (Old SW / Midtown)	Mostly flat	35–45%
Sparks (Core)	Flat	35–45%

“Nationally, Zillow says 53% of U.S. homes lost value over the last year — the highest since 2012.
Here in the Reno–Sparks metro, we’re closer to 45%–55%, depending on the neighborhood.
The median price is technically up 0.9%, but many individual properties — especially those purchased at 2021–2022 peak pricing — are still underwater.”