Why Reno Is America’s Next Housing Boomtown
Reno, Nev., one of the cities hit hardest from the housing market collapse, is making a strong comeback in real estate with the expansion of incoming technology companies to the area.
A typical Reno home now sales for $299,250, nearly double the price from the city’s recession low in January 2010 when homes fetched a meager $167,000, according to data from the Northern Nevada Regional multiple listing services.
“The overall growth in the lower market is completely on fire with multiple offers say anything under $500,000 – it’s crazy,” said Monica Gore, a Reno real estate agent at Dickson Realty, who has been selling homes in the area for over seven years.
With the projected population grown, an additional 9,000 homes per year are needed in Reno, according to Economic Development Authority of Western Nevada (EDAWN)) – a local agency that forecasts region’s economic outlook.
“We have these executives from the tech sector buying homes [in Reno],” said Gore, who specializes in luxury real estate. “You’re really going to see the Tesla effect over the next five years.”