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Reno, Nevada Housing Market Reports Strong Appreciation

Written by on Wednesday, 25 February 2004 6:00 pm

Realtors in Reno, Nevada report that inventories are down and homes that come on the market sell quickly, and prices are rising.

"Our inventory is down at this time," says Realtor Pamela Ricci. "Whenever a home comes on the market it is sold within a short amount of time. Thinking of selling? This is the time."

Explains Realtor Jim Perry, "Reno has seen significant appreciation in the past 12 months. The residential and commercial properties in the area have seen strong appreciation and are continuing to do so. Homes stay on the market for a very short time and are selling at asking price or better. This trend has been accelerating since November. I anticipate that this strong growth in prices will continue into the next year."

About the market, Perry says, "Reno is still experiencing strong demand for homes up to the $450,000 range. Builders are continuing to build new homes so supply has been keeping up with current demand. Executives, workers and families from other states are finding new jobs plentiful and quality of life superb here; as a result, they are continuing to buy homes and invest in income properties in the area. Buyers and investors from other states, with a significant number from California, have been selling their homes and moving to Northern Nevada. Recently we have seen a steady run up in home and income property values in the Reno area with increases topping 30 percent. As long as interest rates remain low, I believe affordable homes and condos with lower mortgages or the ability to cash flow for their investors will continue to drive this market higher for the next year and beyond."

In Truckee, just 33 freeway miles from Reno, many full time residents enjoy easy commutes to jobs, shops and entertainment, says Realtor Jennifer Boehm .

"The abundance of year-round activities provides boundless opportunities for the sports enthusiast," says Boehm.

She advises, "The Truckee - Lake Tahoe market is experiencing tremendous development and the feeling for the future is increased optimism as the market conditions continue to improve. Interest rates remain low and timing for real estate investment couldn't be better. With 10 percent appreciation in some Truckee neighborhoods, we have surpassed California's state average of 6-8 percent increase in value in 2003. For homes that are priced well, the marketing times are blistering fast! Buyers need to be committed and pre-qualified. Homes in the $500,000 and under price range are moving exceptionally fast, while the upper-end homes are experiencing a much slower market. This could be good news for those investors looking for million-dollar properties."

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  About the author, Blanche Evans

Individual news stories are based upon the opinions of the writer and does not reflect the opinion of Realty Times.