Closings of residential properties in the Reno Tahoe area saw a slight month-over-month decline in April. While a typical year sees demand accelerate into the second quarter, rising interest rates and price saturation appear to be cooling demand ever so slightly.
Despite 7% fewer transactions, residential prices rose nearly 4% month-over-month and over 16% from the same period in 2021 while averaging 3 fewer days to get to close.
In addition to the typically fantastic prices achieved around Lake Tahoe, premium neighborhoods in Reno continue to push into new pricing thresholds. A beautifully renovated property on an acre in Juniper Hills sold for $3,730,000 or $743 per square foot on an asking price of $3,400,000. The final sales price, 10% above asking includes certain personal property however in typical market conditions these items may be included in the sale of real property without markup.
Also pushing near or above $3,000,000 were a unique single-story, Frank Lloyd Wright-inspired lakefront home in Lake Ridge Shores, a gracious 2-acre estate property in Carson Valley, new construction with golf frontage in Montreaux and a South Suburban home on 3-acres with tennis courts and other recreational amenities.
Elsewhere around town….
Premium apartments signify Reno’s economic ascension. Correspondingly, rents continue to rise.
Tiny home; big price
The most expensive mid-sized metros in the U.S.
What does $2,500,000 buy in The Biggest Little City
“Nevada’s economy is strong and on the right track” …
…yet unemployment remains high
Evaluating the Northern Nevada economy two years into the pandemic
Water managers are well prepared despite dry winter
Nevada is praised for transparency around economic incentives
