Reno USDA Loan Rates, Closing Costs & Stats

RENO, NV

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Reno's 2 lenders originated 2 USDA loans during 2022. The total origination value was $840,000, with an average USDA loan value of $420,000.

    Reno USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Reno averaged -0.41% for the week of 2023-06-02, compared to the national average (all USDA variants) of 0% for the same period.

    Reno's average USDA mortgage closing costs are $8,078.

    The average rate for the prior week (2023-05-26) was 6.13% and one month ago for the week of 2023-04-28, the average rate was 5.71%.

    The average rate one year ago was 4.67%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.55%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Reno USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Reno level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    SUMMIT FUNDING, INC. 1 3.88% $9,620
    UNITED WHOLESALE MORTGAGE, LLC 1 5.50% $12,680

    The top Reno USDA lender as defined by loan originations is SUMMIT FUNDING, INC., with 1 USDA loans originated. Their average total fees are $9,620, which is $3,060 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Reno USDA lenders (with over 10 loans originated) are .

    The lowest rate Reno USDA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Reno (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $487,175 (13.2%) $1,196,170 (36.7%) 1.81 804
    2018-02-01 $490,009 (12.0%) $1,196,764 (32.2%) 1.78 774
    2018-03-01 $498,248 (15.1%) $1,140,870 (29.5%) 1.75 781
    2018-04-01 $516,782 (18.8%) $1,134,098 (29.8%) 1.75 859
    2018-05-01 $487,000 (8.9%) $1,057,689 (20.9%) 1.63 974
    2018-06-01 $480,000 (6.3%) $1,024,597 (17.1%) 1.60 1,087
    2018-07-01 $469,000 (-0.2%) $967,089 (-0.9%) 1.57 1,388
    2018-08-01 $450,000 (-1.9%) $924,927 (-2.7%) 1.51 1,588
    2018-09-01 $449,000 (-6.3%) $891,702 (-9.0%) 1.51 1,715
    2018-10-01 $429,450 (-8.5%) $856,172 (-13.5%) 1.45 1,805
    2018-11-01 $426,450 (-12.5%) $858,402 (-17.1%) 1.45 1,744
    2018-12-01 $424,000 (-13.5%) $861,306 (-20.1%) 1.46 1,639
    2019-01-01 $427,450 (-12.3%) $911,122 (-23.8%) 1.48 1,429
    2019-02-01 $433,633 (-11.5%) $953,502 (-20.3%) 1.47 1,312
    2019-03-01 $450,657 (-9.6%) $970,631 (-14.9%) 1.47 1,259
    2019-04-01 $460,706 (-10.9%) $968,672 (-14.6%) 1.46 1,260
    2019-05-01 $456,175 (-6.3%) $921,588 (-12.9%) 1.43 1,460
    2019-06-01 $472,000 (-1.7%) $911,295 (-11.1%) 1.48 1,628
    2019-07-01 $472,995 (0.9%) $912,555 (-5.6%) 1.48 1,787
    2019-08-01 $467,909 (4.0%) $920,805 (-0.5%) 1.48 1,803
    2019-09-01 $466,273 (3.9%) $936,520 (5.0%) 1.49 1,741
    2019-10-01 $465,000 (8.3%) $960,844 (12.2%) 1.50 1,673
    2019-11-01 $465,000 (9.0%) $1,009,062 (17.6%) 1.52 1,482
    2019-12-01 $472,450 (11.4%) $1,078,793 (25.3%) 1.58 1,231
    2020-01-01 $482,500 (12.9%) $1,143,452 (25.5%) 1.61 1,053
    2020-02-01 $519,998 (19.9%) $1,246,107 (30.7%) 1.70 889
    2020-03-01 $511,998 (13.6%) $1,214,927 (25.2%) 1.61 921
    2020-04-01 $486,500 (5.6%) $1,066,206 (10.1%) 1.52 1,147
    2020-05-01 $499,000 (9.4%) $1,081,153 (17.3%) 1.52 1,165
    2020-06-01 $543,688 (15.2%) $1,223,830 (34.3%) 1.60 1,050
    2020-07-01 $559,391 (18.3%) $1,075,399 (17.8%) 1.62 904
    2020-08-01 $549,000 (17.3%) $1,077,319 (17.0%) 1.57 812
    2020-09-01 $567,500 (21.7%) $1,091,928 (16.6%) 1.63 728
    2020-10-01 $559,927 (20.4%) $1,206,204 (25.5%) 1.60 646
    2020-11-01 $539,596 (16.0%) $1,198,750 (18.8%) 1.58 518
    2020-12-01 $554,250 (17.3%) $1,232,422 (14.2%) 1.65 411
    2021-01-01 $564,800 (17.1%) $1,213,275 (6.1%) 1.69 362
    2021-02-01 $518,450 (-0.3%) $1,039,891 (-16.6%) 1.51 317
    2021-03-01 $501,250 (-2.1%) $1,064,944 (-12.4%) 1.42 354
    2021-04-01 $509,375 (4.7%) $907,368 (-14.9%) 1.38 569
    2021-05-01 $546,944 (9.6%) $986,884 (-8.7%) 1.45 427
    2021-06-01 $585,000 (7.6%) $1,051,873 (-14.1%) 1.54 436
    2021-07-01 $600,000 (7.3%) $1,071,346 (-0.4%) 1.58 561
    2021-08-01 $599,900 (9.3%) $1,117,461 (3.7%) 1.60 680
    2021-09-01 $599,674 (5.7%) $1,111,676 (1.8%) 1.60 767
    2021-10-01 $625,000 (11.6%) $1,124,207 (-6.8%) 1.67 759
    2021-11-01 $626,950 (16.2%) $1,176,436 (-1.9%) 1.68 648
    2021-12-01 $627,475 (13.2%) $1,213,272 (-1.6%) 1.70 471
    2022-01-01 $645,000 (14.2%) $1,322,996 (9.0%) 1.74 380
    2022-02-01 $649,850 (25.3%) $1,417,939 (36.4%) 1.69 348
    2022-03-01 $645,000 (28.7%) $1,417,150 (33.1%) 1.61 393
    2022-04-01 $689,900 (35.4%) $1,255,363 (38.4%) 1.64 561
    2022-05-01 $685,474 (25.3%) $1,207,958 (22.4%) 1.57 860
    2022-06-01 $672,750 (15.0%) $1,179,356 (12.1%) 1.50 1,282
    2022-07-01 $640,000 (6.7%) $1,116,661 (4.2%) 1.44 1,586
    2022-08-01 $632,500 (5.4%) $1,089,458 (-2.5%) 1.46 1,659
    2022-09-01 $624,973 (4.2%) $1,072,204 (-3.6%) 1.46 1,606
    2022-10-01 $599,997 (-4.0%) $1,078,809 (-4.0%) 1.41 1,601
    2022-11-01 $599,900 (-4.3%) $1,121,276 (-4.7%) 1.44 1,444
    2022-12-01 $599,999 (-4.4%) $1,156,128 (-4.7%) 1.48 1,176
    2023-01-01 $617,000 (-4.3%) $1,182,809 (-10.6%) 1.53 956
    2023-02-01 $630,000 (-3.1%) $1,252,541 (-11.7%) 1.52 789
    2023-03-01 $647,450 (0.4%) $1,235,410 (-12.8%) 1.53 719
    2023-04-01 $675,000 (-2.2%) $1,254,276 (-0.1%) 1.57 697
    2023-05-01 $683,750 (-0.3%) $1,282,310 (6.2%) 1.55 838
    Reno's median listing price for 2023-05-01 was $683,750, a difference of $-1,724 (-0.3%) versus the prior year and $8,750 versus the prior month.

    Reno's median listing price comes in at 155% of the national average.

    Reno's average listing price for 2023-05-01 was $1,282,310, a difference of $74,352 (6.2%) versus the prior year and $28,034 versus the prior month.

    For the 2023-05-01 period, Reno had 838 MLS listings, a difference of 141 listings (20%) versus the prior month and -22 listings (-3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Reno (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 73 days 2,355 sqft
    2018-02-01 50 days 2,329 sqft
    2018-03-01 43 days 2,274 sqft
    2018-04-01 43 days 2,319 sqft
    2018-05-01 36 days 2,147 sqft
    2018-06-01 37 days 2,128 sqft
    2018-07-01 37 days 2,110 sqft
    2018-08-01 40 days 2,084 sqft
    2018-09-01 45 days 2,076 sqft
    2018-10-01 52 days 2,030 sqft
    2018-11-01 59 days 2,009 sqft
    2018-12-01 71 days 2,010 sqft
    2019-01-01 78 days 1,989 sqft
    2019-02-01 71 days 2,020 sqft
    2019-03-01 58 days 2,079 sqft
    2019-04-01 44 days 2,138 sqft
    2019-05-01 38 days 2,111 sqft
    2019-06-01 41 days 2,158 sqft
    2019-07-01 44 days 2,131 sqft
    2019-08-01 48 days 2,120 sqft
    2019-09-01 54 days 2,148 sqft
    2019-10-01 59 days 2,164 sqft
    2019-11-01 65 days 2,129 sqft
    2019-12-01 72 days 2,186 sqft
    2020-01-01 75 days 2,194 sqft
    2020-02-01 58 days 2,293 sqft
    2020-03-01 37 days 2,195 sqft
    2020-04-01 40 days 2,118 sqft
    2020-05-01 43 days 2,191 sqft
    2020-06-01 44 days 2,290 sqft
    2020-07-01 43 days 2,307 sqft
    2020-08-01 41 days 2,204 sqft
    2020-09-01 32 days 2,220 sqft
    2020-10-01 43 days 2,160 sqft
    2020-11-01 48 days 2,096 sqft
    2020-12-01 55 days 2,103 sqft
    2021-01-01 50 days 2,100 sqft
    2021-02-01 34 days 1,932 sqft
    2021-03-01 18 days 1,868 sqft
    2021-04-01 17 days 1,849 sqft
    2021-05-01 25 days 1,868 sqft
    2021-06-01 29 days 1,930 sqft
    2021-07-01 28 days 2,011 sqft
    2021-08-01 30 days 2,000 sqft
    2021-09-01 32 days 1,947 sqft
    2021-10-01 37 days 2,085 sqft
    2021-11-01 41 days 2,039 sqft
    2021-12-01 50 days 2,030 sqft
    2022-01-01 52 days 2,024 sqft
    2022-02-01 32 days 2,018 sqft
    2022-03-01 26 days 2,008 sqft
    2022-04-01 25 days 2,106 sqft
    2022-05-01 25 days 2,071 sqft
    2022-06-01 29 days 2,066 sqft
    2022-07-01 36 days 2,029 sqft
    2022-08-01 49 days 2,034 sqft
    2022-09-01 58 days 2,024 sqft
    2022-10-01 61 days 2,016 sqft
    2022-11-01 68 days 2,019 sqft
    2022-12-01 81 days 2,015 sqft
    2023-01-01 92 days 2,024 sqft
    2023-02-01 85 days 2,030 sqft
    2023-03-01 59 days 2,064 sqft
    2023-04-01 44 days 2,161 sqft
    2023-05-01 37 days 2,165 sqft
    Reno's median listing age (time on market) for 2023-05-01 was 37 days. This is 51% longer than the same period one year ago.

    Reno's median square footage for active listings during the 2023-05-01 period was 2,165 sqft. One year prior, the average listing was 2,071 sqft.