Real estate in the Reno-Tahoe area took a mighty step forward in July shaking the malaise of quarantine. Nearly 1,200 residential properties traded hands during the month, a healthy 12% improvement over the previous month and, notably, a return to even with 2019 signals health in the local real estate market despite COVID-related economic challenges.
Demand for homes in Reno demonstrates the region’s increased stature as a safe haven for families escaping busier metropolitan areas seeking a closer connection with a mountain environment and a robust job market. Those emigrating from San Francisco Bay Area are transporting tremendous equity which is fueling the upper end of the local market.
Average price leapt in July by 21% over the same period one-year ago indicating a push toward higher-end homes. Median price surged by 12% over this period. Demonstrating the momentum in the marketplace, over 2,000 homes are currently pending; most of which are scheduled to close over the next 30 days. Current active inventory sits just under 3,400 listings equaling under 3 months supply. This reflects a bit of hangover from the sluggish months under shelter in place but looks to dwindle rapidly given the heat in the current marketplace.
While Reno has made great strides to diversify from a tourist and gaming economy, these remain a meaningful part of the local economy and thus are struggling amid travel restriction.
Fortunately, the region continues to diversify its economy to attract workers in different market sectors.
Assistance has also come from private sources looking to boost traditional, rural enterprises throughout Northern Nevada.
Food and beverage operators have shown creativity critical to keeping doors open.
Despite challenges, investment in Downtown redevelopment continues.
Correspondingly, new residents require additional services fueling construction and growing the local workforce.
Finally, the Barracuda Championship has a new home in the region and the PGA is loving it.