By Reno Tahoe Mountain Realty, November 8, 2023
Seasonality plays a modest role in the rhythm of real estate activity in the Reno Tahoe region. Only in the depths of winter, during the most extreme years, does activity fade by more than a half. By comparison, the neighboring resort markets in Lake Tahoe will experience a late year surge in which the second half of any given year produces more than double the transaction volume of the first six months.
For Reno, 2023 has been defined by this level of stability, despite a historically robust winter in the neighboring mountains. The range of transaction quantity has fallen no fewer than 200 and grown no greater than 400. October, the beginning of Q4 and the annual beginning of a very gradual taper, split the mean with exactly 300 residential transactions.
The volume lags the same period in 2022 by 11% while year over year sales volume is down by over 40% as the market finds its legs in a higher interest rate environment.
Listing inventory is similarly beginning to taper, dipping below 1,100 available homes for the first time since Q1. Active listings are hovering just below 5 months’ supply proportionate to the rate of absorption experienced throughout most of 2023.
With snow newly dusting the peaks above the city, Reno is beginning the transition from a beautiful summer to an active winter. Short memories of the abundance thrust upon us last year have resident’s hopeful of a Goldilocks winter that offers enough, but not too much snowfall.
Around town:
Reno’s most expensive home sale ever showcasing robust health in the market’s elite range
Conversely, investment properties are largely frozen by high interest rates
Yet fundamentals remain for strong future investment growth
The Federal Government recognizes Reno’s Lithium Loop
A national data center developer acquires a major tract of land in Reno
Reno’s major sports venues compared to the $1 billion development near Grand Sierra Resort
A Tahoe estate is among the most expensive properties for sale in the country