The Reno-Sparks residential housing marketing started 2022 with another record-breaking month for median home price. Reaching the $600,000 mark in January, the median sales price of an existing single-family home has never reached this height before. Prior to reaching this new high, the price had been staying consistently around $550,000 since May 2021. In November, the previous record of $567,000 was reached.

This new high is an 8% increase from December and a whopping 28% jump from the same month in 2021 when the median was $470,500. This is a surge of nearly $130,000 year over year and has put all eyes on the Reno housing market. 

The Reno-Sparks Association of Realtors president Sarah Scattini notes that the low inventory is driving up demand. The spring season usually sees a busier period for residential real estate, however people in the Reno area have been snapping up homes faster in January compared to the two previous holiday months. There has been news about interest rates increasing this year and that may have caused more buyers to enter the market. 

“Everyone is pretty much saying that 2022 will be another 2021 and the market is going to continue to remain at this high price point throughout the year,” Scattini said.

Sales activity in the Reno market is expected to remain strong even if interest rates do go up. 

“The interest rate is starting to tick up, but we don’t think it’s going to be substantially higher,” Scattini states. “Even if it goes up to 3.75%, that’s still pretty low. It’s still a phenomenal interest rate.”

Reno’s diversified economy has increased the appeal of the Silver State. In the midst of the pandemic in November 2020, Reno’s unemployment rate was at a mere 2.6%. Mike Kazmierski, president and CEO of EDAWN (the Economic Development Authority of Western Nevada), credits the 10-year economic development and diversification effort that has linked a variety of business, community, and political interests. 

This job growth is uncommon during a pandemic year and unique to the Reno-Sparks area. Many other communities in our nation are experiencing significant employment challenges. The bulk of the new and expanding companies that have come to our region are a mix of technology, health and medical, e-commerce, and distribution with a real emphasis on advanced manufacturing and technology. Each of these are critical to strengthening the local economy and the future of Reno.

“On behalf of the entire EDAWN Team, I would like to welcome these new and expanding companies to our region. I want to also acknowledge all of our partners (what we like to call the EDAWN Team) for your support and assistance throughout the year.  I can tell you that this kind of cooperation from government, education and business does not happen in most places and it makes our job easier (even in these tough times) as economic developers because it truly gives us a competitive advantage.”

– Mike Kazmierski, CEO of EDAWN