Reno-Tahoe Real Estate Market Update | June 2023

 

For a year that is struggling to find a consistent narrative, real estate in the greater Reno-Tahoe area is performing remarkably consistently with seasonal patterns. May was the strongest closing month for residential properties, eclipsing 300 transactions for the first time in 2023. This follows a pattern, typical for many urban markets, in which activity shakes its winter lull in the middle of Q2, only to gain momentum through the rest of summer into fall. An extraordinary winter that rendered showing conditions a challenge further constrained winter touring conditions; only to reawaken with the spring thaw.

 

With the boost in activity came a surge in pricing. The average sale price throughout Reno was $679,000, the highest 30-day figure in exactly 12 months. The strong month returned year-to-date values to within 4% of 2022 values.

 

 

Also typical of the season, listing inventory grew by nearly 20% over the last 30 days. The increased supply matches the higher rate of absorption, keeping supply at the steady rate of 4 months that has defined all of 2023. This amount represents a balanced market that is likely to maintain values largely within the current range.

 

While this narrative could be written about nearly any American city in 2023, Reno continues to be a unique offering with steady job growth driven by relative affordability and exceptionally high-value recreation.

 

Nevada is considering an incentive package for the Oakland A’s