RENO, Nev. (KOLO) The Reno-Sparks area is growing quickly, and real estate is at a premium.
“We have 638 active homes here in Reno, which is less than 2 months of inventory.” said realtor Stephanie Hollinger. “We are very low on inventory with a lot of people looking to purchase.”
Hollinger sells homes for Haute Properties, and says the lack of available homes has driven up the median sale price.
“I think the market is going to continue to rise,” she said. “In 2017 we started at $302,000, then it got all the way up to $355,000, then leveled out and hit $345,000 by the end of the year.”
Hollinger says the lack of state income tax and the property tax rate in Nevada have played a big role in this housing boom. She also says the area with the most homes being built is the Cold Springs and North Valleys area.
The rising market has paved the way for some new upscale developments in northern Nevada, like the 64-lot project Ryder homes just broke ground on in the Somersett area.
“It just allows us to go into markets that we couldn’t go into before in the downturn of the economy,” said Steve Thomsen, Division President with Ryder Homes.
Thomsen tells us the rise in home prices can be attributed to several things.
“There’s a couple of factors. There is a lot of new jobs being created and a lot of people coming to the region,” he explained. “And construction costs have gone up 10-12% across the board, so the market is just really strained right now with those two factors.”