As prolific as news and conversations about real estate have been, data points put an exclamation point on the performance of the Reno Tahoe area in 2021. Despite a dire lack of inventory, the total number of residential transactions has risen by 13% over the same period a year ago. Remarkably, the 13% increase in sales has generated 52% more dollar volume driven by a 34%spike in average price; a metric that demonstrates not only more overall activity but significantly more activity at higher price points. This weighting toward the high end can be attributed to reduced supply at entry-level prices as well as an influx of new residents bringing major equity from departing areas including a large number for the San Francisco Bay Area.
The competitive landscape remains frenzied as sales average 1.5% above the asking price compared to 1% below at the same period a year ago. Days on market have similarly shrunk by 30%. Standing inventory equals just over 2 months supply; tight but not as restricted as many other markets.
Bonkers is a good word to describe the current real estate market.
While pricing continues pushing upward. Here are the financial requirements to afford the local median home.
Rents are similarly skyrocketing.
Additional housing hustles to meet the overwhelming demand.
A Reno land trust is working to create housing for displaced local workers. Beyond this moment, Reno is a top venue for starting a new career.
Local jobs are returning, for locals and new arrivals. Investment dollars are hungry for opportunities in the region. Explosive demand for industrial property foretells more jobs… equally bonkers. And commercial is following, carefully.
