Old Northwest, Reno, NV—89503
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Old Northwest, Reno, NV
As of Oct '25, the median home price in Old Northwest, Reno, NV is $457,000, with a year-over-year change of 0.4%. This indicates that home prices in Old Northwest, Reno, NV are flat. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $457,000 | 0.4% |
| Single Family | $465,000 | 0.2% |
| Condos | $287,000 | -3.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $231,000 | -10.8% |
2 Bed | $375,000 | 1.1% |
3 Bed | $461,000 | 0.4% |
4 Bed | $523,000 | 0.2% |
| 5 Bed | $614,000 | 0.3% |
% of Housing Stock
Rental Trends — Old Northwest, Reno, NV
As of July '25, Rentcast reports the average rent in Old Northwest, Reno, NV is $1,790, with a year-over-year rent change of -3.2%. Per bedroom, the median rent as of July '25 in Old Northwest, Reno, NV is studios: $908, 1-bedrooms: $1,230, 2-bedrooms: $1,780, 3-bedrooms: $2,310, 4-bedrooms: $2,560. The most common rental property sizes in Old Northwest, Reno, NV are 2-bedroom and 1-bedroom, accounting for 31.2% and 23.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,660 | $1,790 |
| Studio Rent | $895 | $908 |
| 1 Bed Rent | $1,150 | $1,230 |
| 2 Bed Rent | $1,700 | $1,780 |
| 3 Bed Rent | $2,300 | $2,310 |
| 4 Bed Rent | $2,620 | $2,560 |
% of Rental Stock
Property Listings — Old Northwest, Reno, NV
As of Oct '25, Realtor.com reports that the median days on market for a home in Old Northwest, Reno, NV is 59. This is a decrease of -4.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 35.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $450,000 | 9.0% |
Listing Count | 103 | 19.0% |
| Listings as % of Homes | 0.4% | 19.0% |
Days on Market | 59 | -4.0% |
Demographics — Old Northwest, Reno, NV
As of the latest ACS Survey released in 2023, Old Northwest, Reno, NV has a population of 30,700, which has increased by 5.6% over the past 5 years. Old Northwest, Reno, NV is a less popular place for families, as children make up 13.4% of the population. The area has a moderately educated workforce, with 35.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 30,700 | 5.6% |
% Under 18 | 13.4% | -11.8% |
% Seniors | 14.5% | 17.9% |
% WFH | 10.2% | 137.2% |
% w/ College Degree | 35.7% | 10.9% |
As of the latest ACS Survey released in 2023, Old Northwest, Reno, NV is a predominantly white area, with 67.9% of the population identifying as white. The white population has shrunk by 6.9% in the last 5 years. The second most common race or ethnicity in Old Northwest, Reno, NV is hispanic, making up 17.1% of the population. Foreign-born residents account for 11.4% of the population in Old Northwest, Reno, NV, and this percentage has decreased by 0.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 67.9% | -6.9% |
% Black | 3.4% | 36.0% |
% Hispanic | 17.1% | 27.6% |
% Asian | 6.9% | 11.3% |
% Foreign Born | 11.4% | -0.9% |
Mortgage and Risk — Old Northwest, Reno, NV
According to HUD data as of 2023, there were 298 mortgage originations in Old Northwest, Reno, NV, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Old Northwest, 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 | 298 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Old Northwest, Reno, NV
As of 2024, the percent of homes in Old Northwest, Reno, NV under the Section 8 program is 4.9%. 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. In Old Northwest, Reno, NV, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 337 |
Total Units Section 8 | 337 |
% Rentals under Section 8 | 4.9% |
% Occupied Section 8 | 77.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$10 | $1,150 | $1,140 |
| 2 Bedroom | -$270 | $1,700 | $1,430 |
| 3 Bedroom | -$290 | $2,300 | $2,010 |
| 4 Bedroom | -$210 | $2,620 | $2,410 |
Affordability — Old Northwest, Reno, NV
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.5 |
| Median Home Price | $457,000 |
| Median Household Income | $67,000 |