Reno Market Update | February

Benna Mountain Luxury February 14, 2018

The pulsing nature of Reno real estate remains on a solid upswing at the onset of 2018. Remarkably tight inventory combined with existing job growth and a challenging tax environment for Californians have led some one of the region’s most significant surges.

The dearth of actively listed homes has emboldened the market’s few sellers to push pricing. The last year has shown 19.3% overall appreciation; a whopping 5.4% in the last month alone. Notably, the emerging “executive” class, with homes $750,000 and above, appears to be peaking as more upper-management jobs are created in the area. January saw a mini-spike in the number of homes sold within this class at 30; the 3rd highest period in the last 12 months.

This surge, in a typically quiet time of year, can be traced to numerous factors driving the local economy. Most notably, the elements of the new tax bill eliminating the deductibility of state income and property taxes have increased the already steady flow of Californians heading for Northern Nevada.

What’s Going on in Reno:

Reno job growth, particularly in the construction industry, is expected to continue well into 2018: Read Full Northern Nevada Business Weekly Article
Apple breaks ground on new Reno data center, expected to bring 100 permanent jobs: Read Full Construction Equipment Guide Article
Nearly 4,000 housing units are under construction. Is it enough? Read the Full Sierra Sun Article
Growth, Innovation, Inclusion, Resilience: Read Full My News 4 Article
Redevelopment Projects in Reno’s Core compliment Boundary Growth: Read Full Reno Gazette-Journal Article

As Reno evolves at blinding speed, it feels increasingly difficult to retain our attachment to the community while participating in its growth. As 5th-generation Reno residents, Jen and JB Benna are the unique blend of legacy and innovation. Benna Mountain Luxury is redefining real estate to set an elevated standard for the profession. Allow them to be your guide to Reno’s soul.