A fantastic article about how the local housing market is being affected by the increase in local tech companies ran on Tuesday on Mainstreet. We’ve covered some of the highlights.
Reno was one of the hardest hit cities in the country from the housing market crash. But now, things are looking up, thanks in large part to the expanding technology companies in our area. Apple, Tesla and Switch all announced plans to move to the Reno area within the last year. This is great news for the local economy as even more tech companies are expected to join them in the coming years.
Home values are steadily increasing as potential homeowners flood the market. According to the Reno/Sparks Association of Realtors, the median price of a home in the Reno/Sparks area increased by 16%. And in Fernley, where Amazon recently relocated, home prices are up 23%.
According to the Nevada Association of Realtors, about 50,000 people are expected to move to Northern Nevada over the next five years. That means about 9,000 new homes will need to be built every year, according to the Economic Development Authority of Western Nevada (EDAWN).
Do you have questions about the local real estate market? Planning to sell your home? Please give us a call at 775-453-0209.