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  5. /Old Northwest, Reno, NV - 89503

Old Northwest, Reno, NV—89503

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$481,000
0.2% YoY Growth
Household Income
$67,000
29.8% YoY Growth
Days on Market
46
9.0% Shorter YoY
Home Price Forecast
0.0%
Median Rent
$1,660
3.2% YoY Growth
1-Bed Rent
$1,150
7.0% YoY Growth
2-Bed Rent
$1,700
1.7% YoY Growth
3-Bed Rent
$2,300
3.3% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Old Northwest, Reno, NV

As of May '26, the median home price in Old Northwest, Reno, NV is $481,000, with a year-over-year change of 0.2%. This indicates that home prices in Old Northwest, Reno, NV are flat. According to Zillow, the 1-year price projection is 0.0%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$481,0000.2%
Single Family $489,0001.2%
Condos $289,000-2.4%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • $227,000
    -22.3%
    2 Bed
    		$388,0000.5%
    3 Bed
    		$485,0001.5%
    4 Bed
    		$549,0001.3%
    5 Bed $652,2401.6%
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    % of Housing Stock

    Studio
    9.8%
    1 Bedroom
    14.5%
    2 Bedrooms
    27.7%
    3 Bedrooms
    32.3%
    4 Bedrooms
    11.4%
    5+ Bedrooms
    4.3%

    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.

    TypeMedian RentAverage 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
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    % of Rental Stock

    Studio
    14.6%
    1 Bedroom
    23.6%
    2 Bedrooms
    31.2%
    3 Bedrooms
    22.3%
    4 Bedrooms
    5.6%
    5+ Bedrooms
    2.7%

    Property Listings — Old Northwest, Reno, NV

    As of May '26, Realtor.com reports that the median days on market for a home in Old Northwest, Reno, NV is 46. This is a decrease of -9.0% 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 18.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$470,00012.0%
    Listing Count
    		87-3.0%
    Listings as % of Homes0.4%-3.0%
    Days on Market
    		46-9.0%
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    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.

    MetricLatest CensusYoY % Change
    Population
    		30,7005.6%
    % Under 18
    		13.4%-11.8%
    % Seniors
    		14.5%17.9%
    % WFH
    		10.2%137.2%
    % w/ College Degree
    		35.7%10.9%
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    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio6.8
    Median Home Price$481,000
    Median Household Income$67,000

    Old Northwest, Reno, NV — ZIP Code Boundary Map

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    Frequently Asked Questions