Current real estate activity in the Reno-Tahoe area gives the sense that its potential is only constrained by limited inventory. Otherwise, price thresholds that had previously felt like firm ceilings have fallen away with no looking back.
Despite (or perhaps because of) 15% fewer transactions, average price in October surged by nearly 60% over the same period in 2020 to $832,000. Such data is often buoyed by ultra-premium sales on the Nevada side of Lake Tahoe however, during this period, but one such sale recorded for $15,000,000. While other amenity rich properties in Incline Village transacted, the overall quantity of properties in the $1,000,000+ category is revealing. 74 sales closed for 7-figure sum representing nearly 7% of all regional transactions. Correspondingly, median price rose by 13% over the same period.
With supply severely constrained to just below 3 months absorption, the urgency with which consumers must act upon reasonably priced offerings has grown meaningfully. Days on market have dropped 30% from October 2020 (considered at the time to have been a frenzied market) to just 50.
While early rain and snow have created among the most beautiful scenery Reno has to offer, it may foreshadow the typical taper into winter that defines most areas.
With great vision for what Reno can become, it really feels like the best is yet to come.
The first public facing plans for the Neon Line District are starting to emerge, painting a picture of vibrant Downtown.
Plentiful, well-paying jobs are creating a path toward more premium real estate; both product and prices.
Current real estate activity in the Reno-Tahoe area gives the sense that its potential is only constrained by limited inventory. Otherwise, price thresholds that had previously felt like firm ceilings have fallen away with no looking back.
Despite (or perhaps because of) 15% fewer transactions, average price in October surged by nearly 60% over the same period in 2020 to $832,000. Such data is often buoyed by ultra-premium sales on the Nevada side of Lake Tahoe however, during this period, but one such sale recorded for $15,000,000. While other amenity rich properties in Incline Village transacted, the overall quantity of properties in the $1,000,000+ category is revealing. 74 sales closed for 7-figure sum representing nearly 7% of all regional transactions. Correspondingly, median price rose by 13% over the same period.
With supply severely constrained to just below 3 months absorption, the urgency with which consumers must act upon reasonably priced offerings has grown meaningfully. Days on market have dropped 30% from October 2020 (considered at the time to have been a frenzied market) to just 50.
While early rain and snow have created among the most beautiful scenery Reno has to offer, it may foreshadow the typical taper into winter that defines most areas.
With great vision for what Reno can become, it really feels like the best is yet to come.
The first public facing plans for the Neon Line District are starting to emerge, painting a picture of vibrant Downtown.
Plentiful, well-paying jobs are creating a path toward more premium real estate; both product and prices.
With news of job creation and huge demand for premium housing, it is easy to forget the economic devastation caused by the pandemic.
Education is the investment in future economic growth and students need housing as much as workers.
Nevada’s year-over-year job growth exceeds 5%, among the highest in the county.
…with more seasonal employment around the corner.
With so much job creation around Reno, why is anyone unemployed? One explanation…
Nevada Day gives an opportunity to celebrate the rich history of the Silver State.