The first quarter of 2022 revealed a local market in which quality, reasonably priced supply simply evaporated. The result was a slight reduction in the total number of transactions as compared to each of the last several years. Despite the slowing quantity of sales, total sales volume was equivalent to Q1 2021, and nearly 50% greater than in either 2019 or 2020 attributable to price appreciation that has brought the median price throughout the Reno-Tahoe area to $500,000.
Q2 often yields a greater supply of new listings as winter recedes, school circumstances change, and homeowners evaluate the utility of their current situation. All indications are that this year will bring a typical quantity of inventory via those looking for move-up opportunities or simply maximizing a peaking market.
The surge in prices has destigmatized previously guarded thresholds. 233 homes traded above $1,000,000 during Q1, just under 10% of all transactions. This is a 25% increase over the same period a year ago during which 6% of all transactions breached $1,000,000 and more than 300% more than in either 2019 or 2020.
In addition to the multitude of premium homes around Lake Tahoe, Clear Creek and the various communities in the southwest part of Reno saw meaningful increases in purchasers bringing Northern California equity to the region.
Large scale investors are grabbing housing portfolios in Reno
Leasing and commercial development have bounced back strongly throughout the region
Did we run out of land? Higher density multi-family projects are now in high demand
Nevada jobs continue to rebound as hospitality re-opens
State taxes are ahead of budget
With prosperity, affordability suffers
How much do rising interest rates impact affordability?
Reno’s startup accelerators bolster entrepreneurship and job growth…
… while the state offers incentives for relocating companies
Plans for Tahoe Biltmore remain intact after ownership change
Vail Resorts, a major employer in the Reno-Tahoe region, pledges wage increases
Finally, and most importantly, how to order from In N Out’s secret menu like a pro