Some American states have a wealth of natural beauty, making them a great place to live for people who love the outdoors. Nevada is among the best states for those who want to experience the joy of small-town living without missing out on the best amenities. The best part is that real estate buyers have the upper hand in the state, with a 20% drop in prices in 2023.
But things differ city-wise, and Reno is one of the gainers when it comes to real estate trends. Before checking the trends, let’s know what the city is like. Reno is an ideal destination for home buyers as it offers a lot in a small package, from access to Lake Tahoe and the great outdoors to craft breweries and distilleries and a thriving arts scene. It deserves the title of the Biggest Little City.
However, a cost of living that’s 5% higher than the national average can give you second thoughts. There still are good reasons to overlook the living cost factor. A thriving real estate market is one of them. You can buy a dream home in Reno and see its value increase over the years. Knowing the local real estate market can help you decide whether you are ready for the move.
Here are a few insights into the future of the real estate landscape in Reno.
A Booming Housing Market
The Reno real estate market is among the fastest-growing markets in the US. It has witnessed a revival in recent years despite the mortgage collapse problem. Price expectations for the next year in the city exceed the national average. The local real estate market will likely carry the momentum for the foreseeable future.
According to Janice McElroy, a Reno real estate agent, this is a good time for buyers and sellers because both can find ideal opportunities in the city. A seasoned professional can help you check deals as a buyer and get the best offers as a seller.
While the median price of single-family homes in the city sits high at $555,000, financial planning and awareness can help you buy your dream property. Sellers, on the other hand, should make the most of the boom and sell when the prices are high.
Strong Rental Potential
Another noteworthy real estate trend in Reno is its strong rental market, which makes it a great place for investors. The local economy and market dynamics set up investors for success because residents who cannot afford to buy homes will rent them. Additionally, the city attracts a seasonal workforce that contributes to the rental demand.
High demand is definitely great news for people looking for a steady passive income stream. The trend is likely to go strong in the future. That means property purchase in the city promises an excellent return on investment. Not to mention, prices will likely increase, so you can sell your place at a premium down the line.
The Tourism Advantage
Reno attracts a significant number of tourists every year, with attractions such as its natural landscapes to its museums, casinos, and ski slopes. An annually growing visitor base is another factor that influences the growth of the real estate landscape in the area. As a rental property owner, you can consider the idea of a vacation rental rather than struggling to find tenants, manage contracts, and collect monthly rents.
Some Reno visitors love the city’s vibes, which are similar to Las Vegas. They may actually want to stay here for good because property prices are far lower than those in Vegas, and the natural attractions here are far more impressive. With new buyers entering the market, the prospects look good for sellers in the area.
Great Neighborhoods
Reno has tons of options when it comes to safe and friendly neighborhoods for new home buyers. You can look for posh locations with top-notch amenities or settle for up-and-coming neighborhoods that are relatively less expensive, but have excellent growth potential. A local real estate agent can help you weigh your options and choose the best one.
Here are the ones worth considering:
- Lemmon Valley
- Midtown
- Somersett
- Virginia City Highlands
- Donner Springs
- Downtown Reno
- Idlewild Park
Wrapping Up
According to Zillow, Reno real estate market is poised to continue its upward trend in the future. It is attractive to residents and investors looking for savvy investments. At the same time, potential sellers must make the most of the thriving demand and rising prices to get a great deal. Whether you plan to buy or sell, consult an expert for exploring your options.
