Reno-Tahoe Market Update | April

 

After several months of “normalizing” market conditions, real estate the greater Reno area sparked back to life over the last 30 days.

The total number of closed transactions rose 6% to 344 from the previous month while median price continued its upward climb by 3% to $370,950. The number of days an average listing takes to find a buyer crept down by nearly 7% to 63.

Most notably, the inventory constraints so prevalent over the recent few years are showing signs of returning. While still up significantly from early 2018, supply has dropped by 13% month over month. Moreover, the number of new listings brought to market dropped 30% from the same 30 day period a year ago though this may be a reflection of heavy snowfall and a constant flow of winter storms making for sub-optimal come-to-market conditions. 2.7 months supply in the lowest the Reno market has seen in nearly 6 months.

While the last 12 months have brought more normalized real estate conditions, there remains a glairing and obvious shortage of housing options as the region grows.

Defining the problem

eDawn is working on it

Some believe an increased wage will help affordability

Don’t call it “affordable” housing

Apparently granny units are not the answer

Elon Musk is thinking about it

Balancing housing needs with environmental concerns calls for creative solutions

 

Elsewhere around town:

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