Reno-Tahoe Market Update | November 2019

Benna Mountain Luxury October 23, 2024

In a time where market conditions seem unable to determine a sustainable trajectory, the performance of Reno real estate over the last 30 days has been average. The average price of a single-family home held steady at $404,975 while the number of sales fell 7% to 561 from the same period a year ago. Active inventory and new listing both fell while time on the market crept upward creating a complicated stew of market indicators; not unlike the national housing market.

_{Source: Domus Analytics}

A slightly deeper look at the market shows some meaningful seasonal trends that have transcended markets both hot and cold. Notably, the velocity of transactions cools dramatically from Q4 through Q1 before picking up in spring and peaking through summer.

_{Source: Domus Analytics}

Therefore, 561 total transactions show promise ahead of an inevitable cold-weather slump. Several marquee property sales enhanced the landscape over the most recent 30-day period including:

$4,450,000 - 5880 Chambery Circle
$2,950,000 - 7123 Franktown Road
$2,500,000 - 1290 Centerville Lane
$2,200,000 - 10700 Dryden Drive
$2,049,000 - 5580 Lausanne Drive

Whether the market cool-down is simply seasonal or an indication of the end of a longstanding bull market, Reno continues to carry tremendous momentum for businesses and the jobs that follow.

Nevada may hold the greatest opportunity in any designated “Opportunity Zones” throughout the nation. (Just don’t accuse Michael Milken of being involved). Fortunately, the mayor and city are engaged and on board to utilize this tool and those at the city’s disposal to accelerate much-needed residential supply through the “1,000 homes in 120 days” initiative. The $1 billion renovation of the area centered around 4th Street is a perfect example as the first phase nears completion.

While tech gets the headlines for job creation in the region, some essential services are expanding for the first time in decades as a result of the region’s population boom.

We look forward to continuing to keep you informed as the real estate market evolves. Regardless of near-term outcomes, the future continues to look bright for our great region.