Reno-Tahoe Market Update | June

 

The resurgence of real estate activity in Reno ramped up significant through May, 2019 with significant improvement in nearly every metric. The total number of transactions saw its typical seasonal bump with a 13% increase month-over-month but a meaningful 5.5% jump when measured against the same period the year prior. Median home price ticked up 2% from the prior month continuing a rebound of nearly 1% on an annual basis. Other improved data points include days on market, percent of asking price received and price per square foot.

Each of these data points take on their own show strong, sustainable momentum in the regional market. When viewed through the lens of inventory up nearly 33% year-over-year, an active summer appears to be on the horizon. Despite 1,012 active listings, the market holds just 2 months’ supply heading into the busiest period for home shopping.

True to the roots of Northern Nevada real estate, acreage was a major driver of premium sales with properties of 1.5 ($2,475,000) to 100+ acres ($3,800,000) transacting.

Elsewhere around town:

Moody’s continues to be impressed by the Nevada economy

Nevada’s central location is an underrated factor in its role in facilitating supply chain logistics

Reno has gone viral, attracting investors from across the country

Nevada Associated General Contractors introduce a program to meet demand for heavy equipment operators

Tax incentives continue to lure businesses to Northern Nevada… adding 50,000 new jobs statewide

Reno is looking beyond data centers to luring companies in need of high-skill workforce

Have wages kept up with the rising cost of housing? Will a higher minimum wage help? One new workforce housing project is coming. Will there be more?  Whatever it takes….

Finally, things we already know; here, here, here,  and here

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