Steady defines the current status of real estate in the greater Reno Tahoe region. Consumers appear undeterred by surging interest rates and other economic headwinds in maintaining nearly the exact same sales velocity through much of 2022.
In September, nearly every metric matched the prior month from total sales to average and median price despite affordability being compromised by rate increases. Total sales lagged the same period a year ago by nearly 25% while prices held steady; all reasonably positive results given changing economic conditions.
Current inventory stands at 5 months’ supply revealing the slightest bit of a listing overhang and perhaps foretelling a period of modest price regression to come. Fortunately, employment remains steady throughout the region and the preceding period of sustained appreciation combined with relatively little mortgage distress indicates that few consumers will be in a hurry to cut price and walk away from equity; thus pulling the market down.
Terrific summary of Reno’s past, present and future development projects
Reno is outpacing many other metro areas in constructing new homes …
… however more is needed to meet the demands of the job market
Reno is tops among cities to get a good deal
National housing is slumping, but values are still ahead of 2021
Local wages continue to rise
Nevada employment reaches a new peak
Moment Skis, largest U.S. ski manufacturer, expands Reno headquarters
Two local golf courses for sale
Remember the copy / paste fiasco for Toll Brothers? It all worked out.
