The remarkable and well-documented momentum gathered by Reno-Tahoe real estate through 2020 carried over into a record-setting first half of 2021. The opening six months of any given year are typically quieter than the latter yet this year 6177 residential properties have transacted year-to-date exceeding the same period a year prior by 16%. More notably, price escalation and an increasingly premium buyer profile have driven the cumulative dollar volume of these transactions to nearly $3.5 billion.
The local marketplace is as competitive as at any point in time. While the total number of listings brought to market this year is nearly identical to 2020, available supply feels impossibly tight having hovered around 2.5 months of supply for much of the last year. Median time on the market is just 47 days year-to-date, nearly 3 weeks shorter than the same period in 2020, while the average sale is transacting at 101% of the asking price. The metrics all point to a market in which multiple offers, many cash, have become commonplace.
Even as global conditions return to a sense of ‘normalcy’, demand for property remains historically high as consumers seek the elevated affordability and quality of life offered in comparison to other urban markets. While the mountains delivered refuge in the most literal sense during months of quarantine, the lifestyle values are enduring whether as a primary or second home. Remote work has enabled hordes of Northern Californians to port equity from Bay Area communities into Reno while either maintaining their prior wage or taking advantage of Reno’s thriving job market.
It’s not just individuals moving to Reno; many companies are similarly uprooting.
And those already in the region are doubling down.
Those companies are exactly who you think they are.
Reno Land Trust is working to ease the workforce housing crunch.
Things we’ll miss from 2020, short airport lines.
Cool new businesses opening in Reno; Icebox, Boba tea, Drank, and other things we didna know were things. Californians are coming to spend their money.
