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Home > Featured > Sponsored > Demand continues to outpace supply in Reno-Tahoe home market (sponsored)

Demand continues to outpace supply in Reno-Tahoe home market (sponsored)

By ThisIsReno
263 Sierra Country Circle - Gardnerville home with tennis court, sport court and swimming pool for $6,250,000.

Q2 market snapshot shows continued momentum for Reno-Tahoe real estate market. Key findings revealed year-over-year home sales up by more than 100%
and median prices up by as high as 63% in some areas. 

Demand for the Reno-Tahoe lifestyle continues to boom according to quarterly real estate reports released by Sierra Sotheby’s International Realty.

Record-low mortgage rates and pandemic related side effects including a surge in visitor activity continue to play into a fast-paced market where home sales are turning over faster than available inventory can accommodate.

“This past year had everyone taking a closer look at their priorities and where they want to live and spend their time,” said Brit Crezee, director of marketing for Sierra Sotheby’s International Realty.

A recently compiled second quarter market snapshot illustrates how buyers competing for a limited supply of homes is affecting both sales volume and prices across all sectors.

The biggest year-over-year increases in median home prices took place in Truckee (63%), Incline Village (59%) and North & West Shore (57%). Reno and surrounding areas also showed significant double-digit gains.

AreaIncrease In Sales VolumeIncrease In Median Home Price
Squaw Valley101%39%
Northstar7%44%
Carson Valley23%26%
Sierra Foothills42%29%
South Lake Tahoe75%50%
Truckee15%63%
Reno11%21%
Incline Village52%59%
East Shore11%21%
North & West Shore37%57%
Plumas & Sierra County84%41%
*Single Family Homes. Data supplied by regional Multiple Listing System

At Lake Tahoe, home sales between $1-2 million made up the biggest percentage of sales volume, accounting for nearly 48 percent of total transactions for the Truckee/North Tahoe area. The hotspot for South Lake Tahoe fell between $500,000 and $750,000, making up 39 percent of sales. And for Reno/Carson Valley, homes between $250,000 and $500,000 were the biggest movers accounting for nearly 50 percent of all sales.

Q2 2021 Median Sales Price By Region

Squaw Valley$1,800,000
Northstar$1,677,500
Carson Valley$496,160
Sierra Foothills$553,976
South Lake Tahoe$737,000
Truckee$1,200,000
Reno$515,000
Incline Village$2,100,000
East Shore$1,527,500
North & West Shore$1,118,000
Plumas & Sierra County$430,000
*Single Family Homes. Data supplied by regional Multiple Listing Systems

The uptick is good news for sellers but bad news for prospective home buyers looking to own their slice of paradise.

Real estate professionals warn buyers against getting caught in the hype and urge them to avoid taking on a home with major flaws or overpaying for a property.

“Find an experienced, locally-based real estate professional who knows the ins-and-outs of the market,” says Crezee. “Working with an inexperienced or out-of-area agent could cost you access to the best industry partners as well as valuable time, money or perhaps your dream home.”

For sellers, you still need to do your homework to achieve top dollar. The pros suggest staging the home and doing inspections and repairs in advance. Also price your home competitively to attract the largest pool of buyers.

To see critical market data including days on market and list versus sale price broken down by all Reno and Lake Tahoe neighborhoods visit tahoemicroreports.com.

For more information, visit www.sierrasothebysrealty.com, search @SierraSIR on Twitter, follow us on Facebook, or call one of our offices: Reno, 775-384-6900; Squaw Valley, 530-581-1800; Incline Village, 775-832-4900; Heavenly Village/Stateline, 530-541-4002; South Lake Tahoe, 530-494-7600; Truckee, 530-587-3505; Downtown Truckee, 530-587-3500; Tahoe City,530-583-4004. Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website.

This post is paid content and does not represent the views of This Is Reno. Looking to promote your event or news? Consider a  sponsored post.

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