The continued momentum of real estate in the Reno Tahoe area continues unabated through thefirst five months of 2021. Data through May provides a full 12 months since the paralysis ofquarantine gave way to an overwhelming demand for real estate throughout the region.
Comparing closings for residential properties from the first five months of 2020 versus the current year show staggering growth.
Total sales: +16%
Median price: +17% ($430,000)
Average price: +31% ($566,521)
Days on market:-31% (62 days)
In addition to remarkable overall volume, the growth in the market’s high end speaks to the quality of consumers moving to (or up within) this region.
Sales greater than $1,000,000 increased 284% to 341. Above $2,000,000 the increase was nearly 450% to 98 and, remarkably, prices greater the $5,000,000 leapt from 2 to 19 year over year.
In May 2020, the highest sale with a Reno address was $2,350,000. In the last 30 days, this figure is $6,700,000.
Fundamentally, demand overwhelming supply has generated this surge in values. Over the course of the last year, a narrative has emerged citing a dire lack of supply as the driver ofscarcity and thus price increases. In reality, the number of sellers capitalizing on red hot market conditions has slightly increased from the same period last year from 5402 to 5436. Therefore, the velocity (and sheer speed) of sales is the factor preventing inventory from accumulating, thus the sense of lacking inventory.
Another month, more records broken
Reno adjacent; the Tahoe luxury market is equally hot
Las Vegas’ view on Reno real estate
Hurry up and build more homes… please.
Construction and the return of in-person dining are driving job growth
In the new economy, lifestyle is increasingly a primary driver for job selection. Reno offers abundance….
….Driving many college grads to make their way to the Sierras
A Business Improvement Distric thas been formed to support downtown merchants.
How Reno allocated COVID relief funds
