A recent article in the Wall Street Journal discussed the concerning issue housing supply in Northern Nevada. In it, the article highlights a project of 691 homes on the Rancharrah that is tied up in permitting. Meanwhile, housing demand in Reno is still steadily increasing. Many officials believe Reno is facing a looming housing crisis, as more companies are moving to the area bringing jobs and relocating employees from other states.
In addition to Tesla, Ebay, Zulilly and other big names that call The Tahoe Reno Industrial Center home, Google announced the purchase of over 1,200 acres in TRIC with plans to build a data center, bringing still more jobs to the area. Reno is branding itself as a tech hub and as a less-expensive option to Silicon Valley. But with the new image, more jobs, and a rising population require the infrastructure and housing to support it.
The WSJ article goes on to say that since 2012, about 30,000 jobs have been created in the area. However only 8,600 permits have been issued for single family homes and apartments. Building now takes about 2.5 years. Builders say that 18 months is more typical. Reno Mayor, Hillary Schieve, is forming a task force to help solve the housing problem.
As of the end of April, inventory of homes that are Active and Available is up 4.9% from the end of March. Compared to this time last year, the inventory numbers are close, with 1,031 available listings now and 1,053 at the same time in 2016. This should bring some relief to buyers in our marketplace. Read more about the Reno-Sparks real estate market.
If you are planning to buy a home in Reno-Sparks, working closely with your Realtor is imperative. Search for homes or contact us for a complimentary home search that will alert you by email when a home that matches your criteria hits the MLS.