Somersett, Reno, NV—89523
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Somersett, Reno, NV
As of Oct '25, the median home price in Somersett, Reno, NV is $620,000, with a year-over-year change of 2.2%. This indicates that home prices in Somersett, Reno, NV are increasing. According to Zillow, the 1-year price projection is 0.5%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $620,000 | 2.2% |
| Single Family | $625,000 | 1.8% |
| Condos | $287,000 | -5.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $239,000 | -6.3% |
2 Bed | $527,000 | 1.7% |
3 Bed | $575,000 | 1.8% |
4 Bed | $686,000 | 1.6% |
| 5 Bed | $848,000 | 1.1% |
% of Housing Stock
Rental Trends — Somersett, Reno, NV
As of July '25, Rentcast reports the average rent in Somersett, Reno, NV is $2,520, with a year-over-year rent change of 4.1%. Per bedroom, the median rent as of July '25 in Somersett, Reno, NV is studios: $925, 1-bedrooms: $1,500, 2-bedrooms: $1,930, 3-bedrooms: $2,650, 4-bedrooms: $3,360. The most common rental property sizes in Somersett, Reno, NV are 2-bedroom and 3-bedroom, accounting for 46.7% and 20.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,520 | $2,520 |
| Studio Rent | $925 | $925 |
| 1 Bed Rent | $1,530 | $1,500 |
| 2 Bed Rent | $1,800 | $1,930 |
| 3 Bed Rent | $2,600 | $2,650 |
| 4 Bed Rent | $3,000 | $3,360 |
% of Rental Stock
Property Listings — Somersett, Reno, NV
As of Oct '25, Realtor.com reports that the median days on market for a home in Somersett, Reno, NV is 62. This is a decrease of 0.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $709,000 | 8.0% |
Listing Count | 155 | 6.0% |
| Listings as % of Homes | 0.5% | 6.0% |
Days on Market | 62 | 0.0% |
Demographics — Somersett, Reno, NV
As of the latest ACS Survey released in 2023, Somersett, Reno, NV has a population of 37,200, which has increased by 7.2% over the past 5 years. Somersett, Reno, NV is a moderately popular place for families, as children make up 19.4% of the population. The area has a highly educated workforce, with 45.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 37,200 | 7.2% |
% Under 18 | 19.4% | -10.2% |
% Seniors | 20.3% | 31.8% |
% WFH | 9.7% | 49.2% |
% w/ College Degree | 45.5% | 3.2% |
As of the latest ACS Survey released in 2023, Somersett, Reno, NV is a predominantly white area, with 69.9% of the population identifying as white. The white population has shrunk by 3.5% in the last 5 years. The second most common race or ethnicity in Somersett, Reno, NV is hispanic, making up 12.7% of the population. Foreign-born residents account for 12.0% of the population in Somersett, Reno, NV, and this percentage has increased by 7.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 69.9% | -3.5% |
% Black | 2.0% | 0.0% |
% Hispanic | 12.7% | -5.9% |
% Asian | 7.4% | -10.8% |
% Foreign Born | 12.0% | 7.1% |
Mortgage and Risk — Somersett, Reno, NV
According to HUD data as of 2023, there were 524 mortgage originations in Somersett, Reno, NV, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 12.0% above 90% LTV (elevated). This implies medium mortgage risk in Somersett, Reno, NV. Investor activity is low, as 2.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 524 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Somersett, Reno, NV
As of 2024, the percent of homes in Somersett, Reno, NV under the Section 8 program is 4.8%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Somersett, Reno, NV, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 290 |
Total Units Section 8 | 290 |
% Rentals under Section 8 | 4.8% |
% Occupied Section 8 | 77.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$70 | $1,530 | $1,460 |
| 2 Bedroom | $30 | $1,800 | $1,830 |
| 3 Bedroom | -$70 | $2,600 | $2,530 |
| 4 Bedroom | -$40 | $3,000 | $2,960 |
Affordability — Somersett, Reno, NV
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6 |
| Median Home Price | $620,000 |
| Median Household Income | $97,400 |