Real estate in the Reno Tahoe region experienced a most remarkable run in 2021. The Great Resignation drove consumers from far and wide to opt for enhanced quality of life experiences driving demand for extraordinary parts of the country.
The Reno Tahoe area has benefitted from such lifestyle decisions as particularly Northern Californians feeling crowded out of urban centers sought the opportunity to pursue exciting career opportunities in a mountain community offering a plethora of world-class outdoor activities. While this trend pre-dated COVID, the last two years have seen a surge in migration that has driven real estate demand to new heights.
In 2021, a relatively supply-constrained market drove a tiny 1% increase in the total number of residential sales compared to the previous year but a 20% increase in the total dollar volume driven by price increases of 17%. Expressing the velocity of sales, days on market dropped by 35% to just 40 signaling a fast-moving market.
2021
2020
13,121
Total Residential Sales
12,929
$7,575,070,572
Total Sales Volume
$6,282,867,575
$440,000
Median Price
$375,000
$577,000
Average Price
$485,951
40
Days on Market
61
Whether the portability of equity from other regions or opportunity presented by a maturing job market, premium sales also grew a rapid clip. Pricing greater than $1 million grew by 52% to just under 1,000 sales in a category that scarcely existed in this region a few years ago.
Real estate in the Reno Tahoe region experienced a most remarkable run in 2021. The Great Resignation drove consumers from far and wide to opt for enhanced quality of life experiences driving demand for extraordinary parts of the country.
The Reno Tahoe area has benefitted from such lifestyle decisions as particularly Northern Californians feeling crowded out of urban centers sought the opportunity to pursue exciting career opportunities in a mountain community offering a plethora of world-class outdoor activities. While this trend pre-dated COVID, the last two years have seen a surge in migration that has driven real estate demand to new heights.
In 2021, a relatively supply-constrained market drove a tiny 1% increase in the total number of residential sales compared to the previous year but a 20% increase in the total dollar volume driven by price increases of 17%. Expressing the velocity of sales, days on market dropped by 35% to just 40 signaling a fast-moving market.
Whether the portability of equity from other regions or opportunity presented by a maturing job market, premium sales also grew a rapid clip. Pricing greater than $1 million grew by 52% to just under 1,000 sales in a category that scarcely existed in this region a few years ago.
Other highlights on the year in real estate:
Tourism in the Reno Tahoe area also rebounded with a fervor in 2021.
The largest sale in the Reno Sparks metro area, and Reno Tahoe…
More jobs, lower unemployment…
Including higher paying executive roles