A recent article by the Reno Gazette Journal expands on what we already know; the Reno housing market is hot. Increased housing demand and a limited supply of homes for sale make the existing and new home market stronger than we've seen in years. We're still not at the level we saw in 2005, but home builders have gained confidence and with more companies moving to the region, the demand is expected to continue.
New home construction increased by 26% from January to March of this year. According to the RGJ article, the average new home price is $405,000, an increase of 7% since last year. Another factor is lot inventory.
"Lot inventory in the Reno metro continues to shrink as absorption outpaces new lot deliveries. Given the pace of new housing construction, the greater Reno area’s 4,183 finished and vacant lots equate to a 26-month supply. In contrast, the area was looking at 14 years of lot supply just three years ago after new housing activity fell to a near standstill due to the impact of the recession and previous real estate bubble."
For resales, as of the end of March the median home price was $296,000, the highest average home value since the recession. Read more about the Reno real estate market here.
If you are planning to sell your home, please contact us. We will be happy to discuss your listing options, our exceptional marketing plan and a potential timeline. We work with professional photographers and have a marketing pro on staff.
If you're a home buyer, we can help you prepare to purchase a new home. Should you need recommendations for a mortgage lender or have questions about the home buying process, we'll be happy to help
Call us at 775-453-0209.