Here is an example of the Reno market. I bought a house in Jan. 2002 for $226k. At the peak I could have probably gotten $410k. I sold in the spring of 2008 for $320k. Today on zillow it is worth $160k.
Take Zillow with a grain of salt. The reason I got the house for the price I did was because the bank used the Zillow price. My house was only opened for bidding on thanksgiving day 2010. Bidding closed by the bank on Monday. Tuesday, there were cash offers over 500 kilobucks, but the bank already closed the bidding process. Since then, a lot of work has gone into that house, including a complete rebuild of the pool, it also has one of the original historic bars from the Mapes casino. I knew it was coming into foreclosure, and waited patiently for 6 months for it to come on the market. I was fortunate that it did right during that week. I can sell it in one week easy, but it will have to be pried from my cold dead fingers. My other house took a hit from it’s high value, but it is 2 acres of horse property with well maintained horse barns, rare property so close to town, so it is still slightly up.