A fantastic CNN article focused on Tesla's effect on home values in Sparks. Anyone who lives in Northern Nevada or who has been following the business news in the area already knows the incredible impact Tesla and the many other companies that have opened their doors and hired thousands of people have had on the local economy. But what about home values specifically?
With the Tesla Gigafactory expected to hire around 6,500 workers by the time it reaches full capacity in 2020, that's a lot of new jobs and likely a lot of relocated families. Since the start of the Gigafactory construction in June 2014, home values in Sparks have increased an average of 6% a month! Since Elon Musk announced the plans for a Gigafactory in the fall of 2013, Reno-Sparks home values have increased 42%. The national average increase during the same time period is 31%.
Another bright spot in the Northern Nevada housing market is the amount of underwater homes. Nevada as a whole, has the largest percentage of seriously underwater properties in the country at 22%. But in Washoe County we're not seeing that nearly as much, with only 10% of the properties considered underwater.
Nancy Fennell, Dickson Realty President, recently wrote an article about what we may expect to see in the Reno-Sparks real estate market in 2017. In addition to an increase in jobs in the Reno area, new housing hasn't yet caught up with the demand for more housing. Fennell, and many other experts, don't believe we are in a housing bubble- we're seeing a natural increase in demand due to a flourishing local economy.
Are you interested in learning more about the Reno-Sparks real estate market? Are you planning to buy or sell a home in the next few months and would like to prepare for the changing market? We would be happy to assist. We provide complimentary home valuations for home owners planning to sell their property. We work closely with home buyers to make sure that your offers are strong and fair, enabling you to purchase a home that fits your lifestyle and budget.
Contact us at 775-453-4568 today.