Million Dollar Homes Carry Reno Market
Posted by Lora Lashbrook — October 9, 2018
RENO, NV – Average and median home prices rose through the third quarter while volume sold remained flat. The homes sold for more than one million dollars was up 54 percent throughout Reno-Sparks. The number of homes sold under one million dollars was down 13 percent.
These figures are part of a quarterly report released by Lake Tahoe-based real estate agency, Chase International. The numbers compare all MLS home sales from January 1, 2018 through September 30, 2018 to the same timeframe from 2017.
Sales volume in the area was up two percent, while the number of homes sold decreased by 12 percent. The median price of a home in the area was up 12 percent at $375,000, while the average price of a home was up to $414,645.
“Lack of inventory continues to push the median and average prices up, while luxury sales are the strongest we’ve seen in years,” said Susan Lowe, corporate vice president for Chase.
While luxury sales remain strong, the sale of homes under one million dollars is reflective of trends throughout the west. According to a recent report on pending home sales by the National Association of Realtors, the region saw the most decline from contract signings in August.
“The greatest decline occurred in the west region, where prices have shot up significantly; which clearly indicates that affordability is hindering buyers and those affordability issues come from lack of inventory, particularly in moderate price points,” said Lawrence Yun, chief economist of the National Association of Realtors.
The Carson Valley saw an 82 percent increase in homes sold for more than one million dollars and a 13 percent decrease of homes sold for under the million mark. The median price of a home in Carson Valley was up 29 percent to $471,965.
About Chase International
Headquartered in Lake Tahoe, Nevada since 1986, with nine offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Truckee, South Lake Tahoe, Carson Valley, Sparks and Reno) and a public relations office in London, England, Chase International and its exclusive affiliations handle a large share of the country’s property. With over 350 professional Realtors®, Chase's agents boast an array of industry certifications and the highest volume per sales agent in the area. With a heart-centered approach to their business, Chase International successfully represents homes at all price levels. For more information about Chase International, visit www.chaseinternational.com.