Reno-Tahoe Market Update | April 2023

Q1 2023 closed on a meaningful upswing for real estate activity in the Reno Tahoe region. In March, residential transactions increased from an average of 211 per month to over 300; a 44% uptick. While a seasonal surge is not atypical as the weather improves and days grow longer, this month outperforms recent years. This is particularly notable in the face of other challenges in the sector including rising interest rates and a crisis of confidence in certain regional banks.

 

This surge in activity is not driven by reduced prices or any form of distress triggering buying opportunities. In fact, the average price leaped back over $600,000 in March for the first time in 6 months. Days on the market similarly ticked downward compared to the first two months of 2023.

 

A remarkable 33 sales exceeded $1,000,000 during this time; nearly 11% of all transactions. Even more notably, six properties traded between $2 million – $3,000,000; nearly all of which were found in the premium subdivisions of Southwest Reno.

 

Inventory fell over this period to 901 active listings; fewer than any time in 2022 and equal to 3 months’ supply. This continues to have conditions favoring sellers heading into spring when inventory typically increases.