By Jeff Haas, Broker-Owner, Sierra Realty LLC
Reno real estate prices continue to push upward, a trend that’s been with us since January 2012, when the market bottomed out after 4 straight years of declining sales prices.
The graph below shows the median sales price in the Reno/Sparks area from 2001 to present. The current median sales price in the area, is around $312k, which is the same as it was in 2004 when prices were going up, and again in 2007 when prices were moving down. The current median sales price is only 12% off the record highs of late 2005.
As a professional in the industry, I am frequently asked, “what makes it different this time?”
The answer is new jobs. Much of the demand for homes is coming from new residents relocating here to work for companies like Tesla, Apple, Ebay, Switch, Amazon, and many others. Additionally, Northern Nevada is estimated to continue to add around 10,000 new jobs per year.
In support of this trend a recent study by AreaDevelopment.com ranked Reno at the top of America’s best mid-size cities, due to the “healthy year over year growth.”
It appears that Reno/Sparks will continue to be a great place to live, work, play, and invest for many years to come.