Housing Market – Reno/Tahoe/Nevada 2019 – Explodes!

housing marketThe Housing Market in Reno/Tahoe is On Fire

A large percentage of my hardwood flooring customers here in the Reno/Tahoe area are people who invest in our explosive housing market. Whether you are improving a house to flip, making a house more appealing to renters, or looking for a long-term investment; hardwood flooring is always the best bet.

I’ve put together some pertinent facts about our current market on Single Family homes. I hope this information can help you make great choices on your path to financial freedom.

Median Sold Price

From February of 2019 to March of 2019, the median price of a home in the Truckee Meadows dropped 0.81 percent. The average price in March was $369,000 a drop from February’s $372,000. Some people find those numbers encouraging. In March of 2018, the median price was $375,000.

Number of Units Sold

The monthly change from February to March this year was a respectable 24.93 percent, up. 361 units sold in February vs. 451 sold in March. However, the yearly change saw a drop of 17.85 percent; 549 units sold in March 2018, vs. the 451 units sold last month.

New Listings in our Housing Market

A lot of houses came on the housing market in March. There were 604 homes newly marked “For Sale” in March, up 37.59 percent from February’s 439.  A minor increase of 2.55 percent over last March’s 589 homes.

Available Listings

The total number of homes for sale in March is down to 851, from February’s 905. A drop of 5.97 percent. Still, that 851 homes in inventory is a very satisfying 20.5 percent increase over last year’s 706 homes available. There’s plenty of room for expansion in our housing market.

Monthly Supply of Housing Market Inventory

As most of you probably know, Reno/Tahoe needs a lot of new single-family homes built, if we want to keep up with this heightened demand for housing. This time last year, we only had 1.23 months of housing available. This March, that number has climbed 47.31 percent. All the way up to 1.81 months. A healthy housing market should be at six months or so of available housing.
Oh. And we’ve dropped 3.03 percent from February 2019’s 1.86 months of available inventory.

It’s a Seller’s Market

Even with the prices coming down a little, it is still a great time to be in the Reno/Tahoe Real Estate market. Your investment and rental properties are in a great location at a great time, no matter where in our area they are.

If you’re looking for the best, most cost-effective way to increase the curb appeal and real value of your property, newly installed or freshly refinished hardwood flooring should be at the top of your list. Why don’t you contact me right away while the idea is still fresh in your mind, so we can have a short discussion about the many affordable options Artisan Hardwood Floors has available for you.

Sorin Giurca

Master Craftsman, Artisan, Owner