The meteoric rise of Reno’s real estate fortunes reached an even steeper arc over the past 30 days. Existing themes including surging demand and tight supply became even more exaggerated as the average sale price rose 14.5% over the same period a year ago and 1.4% month over month. Total unit sales are up nearly 20% year over year though a growing lack of supply created a slight decrease from the preceding 30-day period. Days on the market continue to fall as frothy consumers anxiously await new inventory, pouncing at pre-market opportunities.
While limited supply and school calendars may create a brief seasonal lull in the month to come, the macro-trends driving Reno appear to be gaining momentum.
As these high-profile companies continue to import executive-level jobs to the region, demand for premium-quality homes and neighborhoods is growing. In the past 30 days, home sales valued greater than $750,000 have increased by more than double year over year. Even in these lofty heights, inventory stands at a single month’s supply; half the number of listings from previous years. As is often the case, the majority of this premium-level activity was centered in the Southwest Suburban part of town including several estate properties topping $2,000,000.
Within the business community, optimism remains high that the current growth is sustainable over the long term:
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Also, with the emergence of an executive class of Reno residents, comes luxury services: Read the Full Northern Nevada Business Weekly Article
Plus recognition for excellence in traditional forms of commerce: Read the Full Northern Nevada Business Weekly Article
Residual impacts of rapid growth are gaining attention beyond the region as well. S&P Global Rating, recognizing Reno’s strong economy and excellent civic management, has upgraded the city’s bond rating two notches to A+, the highest possible rating:
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Finally, the New York Times published a very honest, high-profile feature detailing those being impacted for the better and those being pushed to the margins:
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