Much has been made of the booming real estate sectors in all but a few metropolitan markets throughout the nation. As the public has settled into a new normal in which remote work and various forms of distance learning become a reality; if not a looming threat, demand for suitable housing has spiked. Activity in the Reno – Tahoe area has followed this trend posted near-record activity throughout a tumultuous 3rd quarter of 2020.
Pre-COVID, our region gained popularity for its reasonable cost of living, robust job growth, and proximity
to all the resources afforded by a mountain setting. Over the last six months, these values have taken a greater share in the minds of our consumers fueling an
even greater migration to the region. While many
are arriving with or seeking local employment, others have been able to work remotely maintaining a wage consistent with the cost of living in more
expensive Northern California areas.
The result has been
an explosive period for residential real estate that has eclipsed the frenzied post-recovery period of the last four years.
More notably, the total dollar volume has spiked indicating a disproportionate bias toward higher-end real estate.
Attributable to the transfer of equity and wage from more expensive markets, the value of premium real estate has pushed consistently higher over the most recent 90-day period.
With interest rates pegged at historically low levels for the foreseeable future and remote work a seemingly more established concept, it would appear that such conditions are likely to remain.
The local
economy is improving though disproportionately in certain segments while Nevada eases back toward normalcy.
What we already know:
Reno Airport is among the finest small facilities in the nation.
Reno – Tahoe ski resorts prepare for an unconventional winter season.
Reno can thank California for much of its hasty recovery.
Rising lumber costs are among the challenges to maintaining the affordability of housing in our region.
Governor Sandoval continues his service to our community as the President of the University of Nevada.
