Velocity in the Reno Tahoe real estate marketplace is overriding a typically quiet time of year resulting in solid growth. Total transactions slid in February by 14% based upon challenged supply but values have continued to rise as the quality property remains in great demand.
The median price rose from $398,000 this time last year to $465,000 for residential properties; a 14% increase. Average price, buoyed by several premium lakeside sales, rose 10% to $656,582 all while taking 10% fewer days to contract.
In total, 53 homes sold above $1,000,000. As ever, many of these premium homes are found in Incline Village or Clear Creek however quality offerings in Southwest Reno are continuing to find ever higher prices including $2,350,000 in White’s Creek, $2,100,000 for a 40-acre ranch in Gardnerville, and $1,870,000 in Saddlehorn.
Total supply stands at a generally ample 2,231 residential listings through the market perceives quality differently. 818 were listed prior to 2022. These properties bring an average asking price of over $2,700,000 seeking an entirely different consumer.
Feedback as to the viability of any particular property in today’s market is nearly instant providing immediate validation, or correction, of pricing.
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