Reno-Tahoe Market Update | November 2020

The Reno – Tahoe area has proved itself to be as creative as it is resilient in dealing with the realities presented by 2020. What had been the nation’s fastest growing economy for job growth has shown remarkable durability despite restrictions related to the pandemic. The result is a demand for housing that is every bit as robust as before COVID-19 became part of our lexicon.

The most recent month has continued the upward trend for real estate activity with a 9% increase year-over-year in total transactions. Moreover, median price has surged by more than 15% during this period while days on market have contracted. All are indications of healthy demand for housing in one of the most stable markets in the country.

The shortage of standing inventory and steady want for new housing has raw land in high demand.

Rental rates have exceeded their pre-pandemic level and risen faster than the national average. Vacancy rates are at a historically low 3.3%.

Numerous innovative real estate projects continue to push forward despite facing many variables for the upcoming winter.

Updates to Reno’s development code aim to streamline the process for introducing new residential offerings to the community.  Here’s why the process needed an overhaul.

Creative spaces that encourage collaboration may be the answer for obsolete retail buildings.

Nevada’s luxury real estate markets are thriving with some rare and premium offerings now available.

Often overlooked, rural Nevada provides stable economic production in traditional industries.

Local jobs are returning as regulations are slowly eased.  Seasonal employment is kicking into gear. Diversification of industry that deemphasized gaming and tourism in favor of a more sustainable industry has benefitted Reno’s economy in comparison to Las Vegas and other markets. 

Nevada’s Innevation Center celebrates 5 years of bringing together entrepreneurs and resources needed to succeed.

Finally, some fun and interesting facts about the Silver State.

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