Reno-Tahoe Market Update | July

 

Reno real estate has taken flight in the last 30 days as conditions both seasonal and economic have aligned. The number of residential transactions completed has exploded improving 13% over the same period a year ago and riding a seasonal wave improving by 22% over the prior month.

This velocity is balanced by an influx of new listings, typical for this time of year, improving the number of options for consumers 11% over the previous month. The average sale is finding a buyer within 37 days of coming to market, velocity increased month over month but a bit behind 2018. Transactions are generally closing within 1% of asking price.

These factors have combined to drive median price up 4%; ultimately a comfortable and sustainable figure, heading into summer.

Elsewhere around town:

Businesses are seeing opportunity in a previously blighted area of town.

Meanwhile, the Midtown Mile continues its renaissance.

Distressed real estate sales remain extremely low relative to a decade ago.  Affordability remains a major challenge. 

Resulting in some creative forms of habitat. Peak inside the making of container-based housing.

New Opportunity Zone Guidelines create greater opportunity for such renewal.

Portability, literally, has a long history in Reno real estate.

5900 new Nevada jobs last month. 55,200 in the last year. Small business loans are becoming more accessible, helping many startups launch, resulting in a vibrant tech ecosystem.

Reno is even attracting foreign dignitaries. NASA too.

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