We’ve had a phenomenal year in luxury real estate in the Reno-Tahoe region. Luxury home buyers continue to choose beautiful Lake Tahoe as the place to purchase their getaway home, while others relocate to Reno, Sparks and Carson Valley for Nevada’s wide open spaces and favorable tax climate. Read on to learn more about luxury trends in our region.
Steve Harney, Founder and Chief Content Creator of Keeping Current Matters, recently visited Chase International to speak at our company meeting. A residential real estate expert who specializes in market trends, he shared his macro analysis on the changing real estate market for 2019. (more…)
Lake Tahoe experienced robust luxury home sales in 2018, with closings on single-family homes over $1 million increasing by 19%. Average median prices rose 12% around the lake, except on the East Shore where prices softened by 9%.
Reno witnessed a 51% increase in home sales over $1 million this year, as the rest of the market paused a bit moving into 2019.
“Luxury really made a comeback this year,” said Susan Lowe, Senior Vice President and Corporate Broker at Chase International. “We saw some very strong numbers in the luxury segment, which we define at over a million dollars, roughly. Across the region, the million dollar luxury market is up 25% from 2017.”
Though still a seller’s market for average-priced homes, the Reno luxury real estate market slightly favors buyers as we close out October, 2018.
21 properties over $1 million sold in the Reno-Sparks area of Nevada that month, 3.4% of all properties sold. This represents a 40% increase over units sold in September, 2018. (more…)