Reno-Tahoe Market Update | October 2021

Reno-Tahoe real estate continued a strong upward trajectory throughout the 3rd quarter of 2021 despite limited supply and challenging environmental conditions attributable to wildfires in Northern California.

 

3516 total residential transactions lag the same period in 2020 by 15% based upon not on waning demand but rather limited supply. As the number of buyers in the local marketplace, whether investors, new residents, or move-up purchases, overwhelms willing sellers, prices have exploded upward. The median price has risen by 17% while days on the market have dropped by 23% creating brisk and competitive conditions.

 

Despite nearly 500 more transactions in Q3 2020, the number of sales at or above $1,000,000 has grown by 25 desensitizing a previously robust barrier in our region. While summer sales have begun their seasonal taper, activity is surging with over 1,600 pending sales making up for the weeks in August and September when smoke-filled skies made for suboptimal touring conditions. Active inventory has held steady at 2 months’ supply, a slight uptick during these challenging months but still indicative of a strong sellers’ market.

 

Nevada saw the largest resurgence of payroll in the country

 

Affordability remains a challenge as prices continue to escalate

 

More on who the new Nevada residents are. Hint: Still wealthy Californians

 

What offer? Still well above the asking price

 

Reno is a “millennial target”

 

Over 2,000 new, high-paying jobs were added in the last year

 

 

And a shortage of many specific skilled workers

 

Reno is not immune to supply chain issues but may have a hand in helping

 

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