Reno-Tahoe Real Estate Market Update | August 2023

 

Steady and productive, are words that define the current state of demand for real estate in the Reno Tahoe area. Q3 has begun with 350 residential transactions, a number that exactly represents the monthly average through Q2. Similarly, supply has remained dead steady, to the exact number, from one month ago.

 

Pricing remains soft when measured against 2022 values but has only improved from the start of the current year. Average and median prices are trailing 12 months prior by 2% and 5% respectively. Nevertheless, July yielded the second-highest average price for any month in 2023. The year’s high-water market was achieved via a $6,750,000 transaction in the foothills of Southwest Reno.

 

 

The ratio of luxury sales, defined as those above $1 million, has held steady year over year. 11% of all sales in Reno now eclipse this benchmark; equaling 2022 despite transaction volume lagging. These various metrics paint a picture of a healthy market nearly maintaining the prices of peak hysteria while offering a comfortable quantity of listings such that consumers may make informed and rational purchasing decisions.

 

All of this is to foretell a second half of 2023 that mirrors year-to-date results and maintains a steady, predictable pace. Perhaps, this is the Goldilocks moment that many consumers always wish for in hindsight.