Reno’s Real Estate Market Sees Significant Increases
Posted by Katie Shaffer — July 8, 2015
RENO, NV – The Reno-Sparks real estate market saw a 23 percent jump in sales volume this quarter, due primarily to a 47 percent increase in homes sold for more than $1 million. The median price of a home in the area was up 16 percent to $273,391.
The figures are part of a report released by Lake Tahoe-based real estate company Chase International, and compare the prices and closings from January 1 through June 30, 2015 to the same time period from 2014. Units sold in the Reno-Sparks area was up seven percent and homes selling for less than $1 million also increased seven percent.
Carson Valley saw a 34 percent substantial jump in sales volume, with a 21 percent increase in homes selling for less than $1 million. The median price of a home was up 20 percent to $315,500.
Lawrence Yun, chief economist for the National Association of Realtors, notes contract activity rose again in May for the fifth straight month throughout the nation, increasing the likelihood that home sales are off to their best year since the downturn.
"The steady pace of solid job creation seen now for over a year has given the housing market a boost this spring," said Yun. "It's very encouraging to now see a broad based recovery with all four major regions showing solid gains from a year ago and new home sales also coming alive."
Job creation has been playing a major role in Reno’s flourishing real estate market, one that is unlikely to wane anytime soon. “We see nothing but promising things for the Reno market,” said Sue Lowe, senior vice president of Chase International. “Companies continue to open their doors here, and there’s room to build.”
Nearby Truckee, in California, saw a ten percent drop in sales volume and six percent decrease in median home price ($548,000). Homes selling for more than $1 million faltered, falling 36 percent, and homes selling for less than $1 million was up eight percent.
About Chase International
Headquartered in Lake Tahoe, Nevada since 1986, with nine offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe, Carson Valley and Reno) and one in London, England, Chase International and its exclusive affiliations handle a large share of the country’s property. With 310 professional Realtors® boasting an array of industry certifications, Chase International is the regional leader for three years running as reported by Real Trends, a communications and consulting company considered to be the leading source of analysis and information on the residential brokerage and housing industry. For more information about Chase International, visit www.chaseinternational.com.