The Reno real estate market is heating up along with the summer sun. With the announcement of major technology firms such as Panasonic, Tesla and Google setting up large holdings in the Reno area, adding thousands of jobs, it seems this real estate boom is holding firm supported largely by a general market growth and area makeover.
Restaurants are booming in the Mid-Town area, Patagonia and West Elm have rooted themselves in an up an coming downtown revitalization, and the attractive Nevada no income tax is beckoning the nearby California residents to really put down roots. Less of a "99 cent steak and eggs town" and now a more cultured, savvy, mountain town, Reno is gaining national interest for all the right reasons.
Each month in 2017 has shown a progressive trend towards units sold, shorter days on market and a decreasing supply of inventory. June saw 718 single family homes sold, an increase of 5.5% from the end of May 2017. Reno's Median home price is cresting $360,000, a jump of 1% from May and 7% from June 2016. Average days on market shows buyers are eager to make purchases, with homes trading within 85 days and many desirable neighborhoods such as Old Southwest Reno, Arrowcreek, Montreux trading at 61 days on market and a median price of $634,000.
In the luxury market, 29 properties over $1M were sold in June, a small but steady increase over the 25 $1M properties sold in May. That totals 107 luxury properties sold in 2017 alone. A year over year increase of 25%.
Can Reno hold this pace? With its proximity to California, huge tech influx, favorable tax environment and access to amazing mountain lifestyle opportunities Reno's appeal is becoming undeniable.