Being built in downtown Reno, this $37 million student housing development will be across the street from the Circus Circus Reno.
RENO/SPARKS, Nev. — Reno's red-hot economy continues to push home prices to record highs, and developers are scrambling to add inventory to the market and alleviate pent-up demand for new single-family homes.
In June 2013, the median sales price for single-family homes in Reno and Sparks was $222,000, the Reno-Sparks Association of Realtors reports. That number was a 30 percent increase from the same month a year prior.
Fast forward six years later (and please sit, in case your knees get weak) — the median sale price of a single-family home in June 2019 rose to $400,000. That's an 80 percent increase in median sales price in just 72 months.
The run-up is primarily the result of thousands of newcomers moving to the region, and the inability of residential developers to keep pace with demand. In July 2019, there was just 2.3 months of sale inventory on the market, which is deep into a seller's market.
Although the summer months saw a spike in median sales price, the median sales price for the first half of the year was $385,000, notes Angelica Reyes, RSAR president.
Mike Kazmierski, president and CEO for the Economic Development Authority of Western Nevada, says Reno-Sparks is in the midst of an unprecedented transition as it segues into a mid-sized city.
“Prices are up because supply has been down, but we are working to improve on the supply side,” Kazmierski says. “A lot of availability depends on what people are looking for. Are they looking for good schools? Proximity to place of employment? Downtown living? The beauty of this region is that we offer (housing) options in all of those areas.
“We have single-family homes in the best school districts, downtown living continues to be developed, and we have more affordable housing in the outskirts. People have options, it just depends on where they want to live and the quality of life they are looking for.”
While price remains a point of contention for homebuyers, options abound for buying a home in the Truckee Meadows and surrounding communities. Here's a closer look at some of the many new housing developments under construction in the region:
There also are many new communities under development in North Valleys, Lemmon Valley, Cold Springs and North Reno that typically offer more affordable price points for new homebuyers. For instance, Paradiso Communities' Legacy Point subdivision located on the north slope of Peavine Mountain has homes starting at $300,000.
Newcomers to the region can't fail to notice the thousands of new apartment units under construction if that's more to their liking. And of course, the residential resale market offers homes in desirable communities such as Midtown, the Old Southwest, and Caughlin Ranch to name just a few.
-->RENO/SPARKS, Nev. — Reno's red-hot economy continues to push home prices to record highs, and developers are scrambling to add inventory to the market and alleviate pent-up demand for new single-family homes.
In June 2013, the median sales price for single-family homes in Reno and Sparks was $222,000, the Reno-Sparks Association of Realtors reports. That number was a 30 percent increase from the same month a year prior.
Fast forward six years later (and please sit, in case your knees get weak) — the median sale price of a single-family home in June 2019 rose to $400,000. That's an 80 percent increase in median sales price in just 72 months.
The run-up is primarily the result of thousands of newcomers moving to the region, and the inability of residential developers to keep pace with demand. In July 2019, there was just 2.3 months of sale inventory on the market, which is deep into a seller's market.
Although the summer months saw a spike in median sales price, the median sales price for the first half of the year was $385,000, notes Angelica Reyes, RSAR president.
Mike Kazmierski, president and CEO for the Economic Development Authority of Western Nevada, says Reno-Sparks is in the midst of an unprecedented transition as it segues into a mid-sized city.
“Prices are up because supply has been down, but we are working to improve on the supply side,” Kazmierski says. “A lot of availability depends on what people are looking for. Are they looking for good schools? Proximity to place of employment? Downtown living? The beauty of this region is that we offer (housing) options in all of those areas.
“We have single-family homes in the best school districts, downtown living continues to be developed, and we have more affordable housing in the outskirts. People have options, it just depends on where they want to live and the quality of life they are looking for.”
While price remains a point of contention for homebuyers, options abound for buying a home in the Truckee Meadows and surrounding communities. Here's a closer look at some of the many new housing developments under construction in the region:
There also are many new communities under development in North Valleys, Lemmon Valley, Cold Springs and North Reno that typically offer more affordable price points for new homebuyers. For instance, Paradiso Communities' Legacy Point subdivision located on the north slope of Peavine Mountain has homes starting at $300,000.
Newcomers to the region can't fail to notice the thousands of new apartment units under construction if that's more to their liking. And of course, the residential resale market offers homes in desirable communities such as Midtown, the Old Southwest, and Caughlin Ranch to name just a few.
