August Reno Market Update

Reno Tahoe real estate has begun the second half of 2021 with strong results that carry forward exceptional momentum dating back over a year.

While total transactions lag nearly 20% behind the same period in 2020, pricing continues to surge. The total volume of sales hit $730,000,000 in July, a 6% year-over-year increase. This increased volume was spread over fewer transactions indicating that pricing has dramatically increased. In fact, median pricing has risen 19% over this period from $389,000 in July 2020 to$465,000 this year. Average price pushed higher based upon super-premium sales on the Nevada side of Lake Tahoe, spiked by 28%.

Dayson market dropped by over 30% during this period from 62 to 45 indicating greater urgency in the market. 2.5 months’ supply is representative of a tight, but not impossible, market. The current median asking price perfectly matches the median sales price over the last month. This should foretell an active market in the weeks and months to come.

Who is moving to Reno? It’s mostly who we think but also many coming from shorter distances for greater affordability.

Affordability compared against what?

There continue to be more jobs than workers to fill them.

In fact, job growth here is among the best in the country.

Creating upward pressure on wages.

The Tahoe–Reno Industrial Center continues to see explosive growth driving Reno’s emerging economy.

National development companies continue to seek and find, opportunities in the area.

Creating many forms of housing needed within the area.

Higher Education: Tahoe’s Sierra Nevada University may become part of UNR.