Inside Look: Reno-Tahoe's Resilient Luxury Home Market

Greetings from Reno-Tahoe!

We hope you're soaking up the summer vibes in our vibrant community! The real estate landscape is always evolving, and we are excited to share some key updates on our luxury housing market.

Firstly, you might have heard about the recent National Association of Realtors Settlement, which is bringing some changes to how we search for properties. While we're saying goodbye to old methods, we're quickly adapting to new techniques to ensure you still get the most accurate and valuable information.

Despite a whirlwind of challenges—from the scorching 106-degree heat in Reno last week to the ever-shifting political climate—our luxury real estate market is proving to be incredibly resilient. We are thrilled to report that Dickson Realty's sales volume from January to June 2024 ranks as the third-best in our local history. That's quite an achievement!

Here are some highlights from the analysis of luxury sales from $2,000,000 and above from January to early July over the past few years:

• Reno/Sparks Sales: There have been 48 sales so far this year, only outdone by 2021 (50 closings) and 2022 (55 closings). Luxury homes now take about 82 days from contract to closing, compared to 61-68 days in previous years.
• Carson City: We've seen 5 homes sold at $2,000,000+ year-to-date, just below the 7 homes sold in 2021.
• Carson Valley (Genoa, Minden, Gardnerville): 14 homes sold from January to early July priced at $2,000,000+, surpassing the previous best year (2021) with 5 sales. This is an exciting jump!
• Incline Village: Holding steady with 21 homes sold over $1,000,000, right on par with last year's figures.
• Truckee, California: A stronger second quarter in 2024 for homes priced at $1,500,000 and above, though year-to-date sales are slightly down (96 units in 2024 versus 109 units in 2023).

Even with a growing inventory, prices remain stable. We’ll keep a close eye on supply and demand, interest rates, and the impacts of the National Association of Realtors settlement to gauge future trends. Our goal is to keep you informed and confident in your real estate decisions. 

Click here to read the Dickson Realty Luxury Trends Quarter 2 2024 Report.