Fernley is seeing a rise in home values, reflecting broader trends across the state and the nation.
According to data from Zillow, the typical home value rose to $362,156 in July, marking a 2.8 percent increase from the previous year. As of August 22, the average 30-year fixed mortgage rate stood at 6.46 percent, pushing monthly payments higher and making it even more challenging for new buyers to enter the market.
It has become a growing issue for many in Fernley, where the rising cost of living is now a significant factor for those looking to purchase a home. Fernley ranks as the fourth most expensive city in Nevada for home values, just behind Reno and Gardnerville Ranchos.
The town, which has seen rapid growth in recent years due to its proximity to Reno and industrial developments like the Fernley Industrial Park, the Tahoe Reno Industrial Center (TRIC), and the TRIC II, continues to attract new residents.
Fernley’s affordable real estate, compared to the skyrocketing prices in Reno, made it a desirable option for many. However, as prices continue to rise, that affordability is slowly diminishing.
According to a report compiled by Stacker, Fernley is one of the top Nevada cities with the highest home values. With its central location, growing infrastructure, and proximity to major job centers, the town has become a focal point for investors and families looking to settle down.
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