All REAL ESTATE is local. Reno may be hot, but other markets have already busted.
Check out REVENTURE CONSULTING on YouTube. He makes predictions based on what the average consumer can afford in respective markets vs the price of the average house.
The markets that have already had a price correction are:
Nashville
Austin
SLC
Boise
San Fran
Phoenix
Las Vegas
Portland
Almost all of the above markets BOOMED because of the mass exodus from California in the last few years.
Meanwhile there are other markets that MAY not see any price correction in the next couple years:
Richmond
Pittsburgh
Virginia Beach
Oklahoma City
El Paso
Albany
Louisville
ANY real estate market that has DOUBLED in the last five years (not ten) is most likely due for a correction. Real estate markets that have gone up more gradually have more room to appreciate. You can still buy a single family house in the OKC area for $280K. That same house now in other markets is $450-650K.
Roger that. That OKC house might be in the $600k range in Reno.