Reno-Tahoe Real Estate Market Update | March 2024

 

Reno Tahoe real estate gained meaningful momentum in February outperforming the prior month by 30% and the same period a year ago by nearly 25%. While the total number still lags behind historical averages, it represents a meaningful recovery from the malaise that overtook the market for the past 18 months.

 

Some combination of acceptance over interest rates and waning concern for the overall economy has spurred activity from consumers who may have been on the sidelines since conditions shifted after the frenzied days of the pandemic.

 

A steady recovery built upon demand from residents, rather than investors, feels like a healthy foundation for the year to come.

 

Pricing continues to be resilient with median values maintaining year over year at just over $500,000 for residential homes. The composition of sales remains exceptionally strong with the most premium offerings within any given community finding the greatest traction. Said differently, consumers are not seeking diminished quality in return for discounted pricing. Rather, they are willing to pay peak values for product that otherwise meets their needs from a lifestyle and programming perspective.

 

 

Inventory is balanced at just under 4 months of supply giving consumers enough options to feel responsible while not oversupplying the market. A moderate winter has kept conditions for showing real estate optimal while still allowing the recreational options that make the region extraordinary to flourish.