Virtually every statistical marker reveals positive news for the Reno real estate market. In some cases, the data is almost unbelievable with a 17.5% median price appreciation or a 10% increase in the total number of real estate sales year over year. While news this bullish is often a forbearer of an overheated market, an extreme inventory shortage appears to be keeping pressure on the overall market demand. Per the Reno / Sparks Association of REALTORS, the current listing stock stands at just 628 available units, equal to 1.2 months’ supply. This compares to 1.4 months 30 days prior and 2.6 months at this time last year. Even the latter statistic was thought to be a significantly imbalanced market at the time only to be reduced by 52% a year later.
The luxury segment of the Reno market continued to soar with 24 homes closing above $1,000,000 in February. This compares to just five 7-figure sales during the same month in 2017. Nearly half of these premium sales were concentrated in Montreaux or the surrounding Galena Forest area further establishing a premium for high-end, mountainous homes with quick proximity to Lake Tahoe.
Whether a cause of or response to this surge of interest in Reno, urban redevelopment continues nearly undeterred through midtown and other core downtown areas.
What’s Going on in Reno:
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An influx of companies relocating, many from Silicon Valley and other congested and highly taxed parts of California, are feeding the frenzy for the lifestyle a revitalized Reno offers. This has been obvious with the likes of Tesla, Apple, Panasonic, and Microsoft among other high-profile names. While the allure of Reno is obvious to those who’ve inhabited the city, the technology world is now catching on.
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Finally, a terrific first-hand essay from a company that relocated to Reno on the cause and effect of their move and how Reno has provided everything they were seeking:
Read the Full Alchemy Article
The current boom will have its natural ebbs and flows, rife with growing pains and economic cycles. Regardless, it is undeniable that something special is afoot in our region. We look forward to keeping you apprised as this evolution continues.
