95% of all home sales since the beginning of the year in the Reno area have been in the under $600,000 price range. A whopping 57% of home sales have been in the under $300,000 price range. That leaves a lot more inventory in the luxury home market. Read more about the most recent local home sale statistics.
A recent Realtor.com article points out the specifics in the nationwide luxury market trend. The inventory of homes priced $1 Million or more rose 12.6% in March 2016 over March 2015. Not only are property values increasing, but luxury home owners may be less inclined to buy due to some volatility in the stock market and fewer foreign investors are making home purchases because of the United State's strengthening dollar. It may also be a sign of the housing market continuing to normalize. Home values are steadily increasing at a healthy rate, especially in Northern Nevada, due to economic growth.
Are you planning to purchase a luxury home? Definitely consider interest rates. Interest rates are still historically low and will likely go up in the near future. The supply of luxury homes is up compared to the rest of the market making this a good time to buy due to the varied selection of available homes. The Reno-Sparks area has several beautiful luxury communities to call home. Sommerset, Caughlin Ranch, Galena, Montreux, Wingfield Springs, and Arrow Creek all have exceptional builders and amenities. If you are interested in learning more about a specific area or would like a tour of a community, please let us know.
Do you want to sell a luxury home in the Reno-Sparks area? Because the demand for luxury homes isn't as strong as it is for the under $600,000 range doesn't mean it isn't a great market. Choose a Realtor who has significant experience marketing and selling Reno luxury homes. Read reviews from home sellers and ultimately choose to work with a Realtor you trust.
If you have any questions about buying or selling a luxury home in the Reno area, please call us at 775-453-4568 or through our contact page.