The Reno housing market has been surging over the last few years. The reason why is because the location is optimal for work-life opportunities and residents have access to many high-tech jobs while living in close proximity to nature. Reno home prices are higher than the national average and rising. Even during the Covid pandemic, investing in a Reno home would prove profitable as home values saw an increase of over 20% within just one year. This guide will discuss average home prices in Reno, NV and why the market keeps growing despite the pandemic.
Reno has historically been one of the hottest housing markets in Nevada, and it’s now becoming an attractive destination for transplants from all over the nation. The average appreciation rate per year is close to 7%, meaning homes almost double in value every 10 years. This is not the case with many other areas in the US and Reno ranks among the top 10% of all locations for real estate appreciation. If you’re considering new home builds in Reno NV, now is the time to do it.
Top Reasons To Invest In Reno, NV Real Estate
- High-paying jobs in the tech industry
- Strong manufacturing base (i.e. Tesla Gigafactory).
- Close proximity to Lake Tahoe and beautiful scenery.
- Year-round pleasant weather.
- Low Nevada taxes and friendly business environment.
We can help you help build home haiti Reno NV. There is very little risk involved in building a new home in Reno because the demand for new homes far exceeds the supply. This means land and homes in the area are scarce and if you ever decide to sell your home, you’ll be able to do so within days. The trend points to an upswing and fast appreciation in prices with no signs of stopping. Our company aims to help increase the supply of homes by building in the Reno area, and we notice that demand keeps increasing each year.
The housing market in Reno, NV accelerated despite the Covid pandemic. In fact, it saw its biggest growth during the year the pandemic struck. The average home in Reno broke an all-time-high of $420,000 in 2019 (up from $405,000 in 2018) and then $500,000 in December 2020. The median price for an average family home keeps increasing and it can sometimes jump as much as 3% in a single month. This makes Reno an ideal market to invest in and build a new home.
Future Predictions For The Reno Market
Due to the ideal location, weather, and job opportunities given by Silicon Valley companies moving to Nevada – Reno could become an even more desirable location. Some predict a median home price of over $1M within the next decade. If we analyze past trends based on data from Zillow, this is a realistic outcome. Reno is historically one of the best places to be a property owner in the US. The median home value in 2012 was $166,000 and it recently surpassed $500,000, according to the Reno Association of Realtors. Effectively, the median house price has tripled within 10 years.
Every indicator points to that fact that Reno is a sellers’ market. There is a high demand for housing in Reno and a low supply homes for sale. This is why you should consider building a new home in Reno as a long-term investment. We’re an experienced Reno NV home builder and we can help you build your first home here! Give us a call and we can discuss your individual project.