Reno's Luxury Market Is Soaring

The latest sales data for luxury homes in metro Reno show a 53.3 percent rise in average sales price, and the sales pace 13 percent faster over last year, per Realtor.com. The Biggest Little City in the World is experiencing both a housing inventory shortage and soaring job growth, adding 30,000 jobs, as Amazon, Switch, and Tesla moved in, per the...
Vintage luxury vehicle
Photo: Unsplash/Artak Petrosyan

The latest sales data for luxury homes in metro Reno show a 53.3 percent rise in average sales price, and the sales pace 13 percent faster over last year, per Realtor.com.

The Biggest Little City in the World is experiencing both a housing inventory shortage and soaring job growth, adding 30,000 jobs, as Amazon, Switch, and Tesla moved in, per the Bureau of Labor Statistics. Realtor.com reports that the average listing price is rising as well: in April, the average luxury home was 13 percent more expensive, at $2.6 million. The average sales price for a luxury home was $1.11 million, versus $724,375 in 2017.

Other cities with superlative price growth, outside of vacation home markets, include Seattle, where the average sales price increased 14.2 percent in February compared to the same time last year; Naples, Florida, where the sales price jumped 13.4 percent; and Riverside-San Bernardino, California, where prices rose 12.9 percent, according to the data. Nationwide, luxury listing prices increased 4 percent in April over last year and sales are moving 2 percent faster. Nearly two-thirds of U.S. metro areas recorded listing price increases in the top 5 percent of their markets.

Source: www.probuilder.com