Real Estate in Reno/Tahoe: Annual Recap and 2024 Predictions

Greetings from Reno-Tahoe!

To our friends, clients, and colleagues in 2024 - we wish you a wonderful start to the New Year! We have been the recipient of much-anticipated snow in the mountains this month and all the skiers have been busy shredding the slopes. Here in the Reno area, we've had a little bit of rain, a little bit of snow, a little bit of sunshine.

On the real estate side, 2023 was a solid year for the luxury market in Northern Nevada. In the Reno-Sparks area, sales from January to December 2023 matched the number of luxury homes sold in 2022. (At Dickson Realty, we consider $2,000,000 as the starting price for a luxury home in our region.)

In both 2022 and 2023, 98 homes were sold. Comparing the two years, sales price in 2023 saw a year-over-year increase of 8.9%. However, the average days on market rose from 128 days in 2022 to 185 days in 2023, a 44.53% increase. We will be providing more information below and the link to the Year-End Luxury Trends Report. Will it be what you expect, or will some of the statistics surprise you?

Read on for all of the latest details!

What's Ahead for Luxury Sales:

• External factors are believed to keep the market relatively steady in 2024. 
• There are still plenty of cash buyers circling the market. In 2023, 65.2% of sales of $2,000,000 and above were made in cash.
• Buying signals continue to surface in the market even amongst economic pressures. A significant portion of cash sales in 2023 occurred after the Federal Reserve raised rates in February, March, and May. 
• Despite higher rates, buyers are still borrowing. Conventional mortgages accounted for 31.6% of all sales in 2023, with minimal instances of VA loans, owner financing, and miscellaneous methods. 

Click here to read the Dickson Realty Luxury Trends Year-End 2023 Report.

Thank You, Triple Magazine!

We are honored to be recognized by Triple Magazine as one of the Best Realtors in Reno. Triple Magazine is a trusted source of real estate information offering comprehensive coverage of industry trends, pricing insights, and regulatory updates. Thank you to each and every client that has shown us support in 2023 and beyond. We are all successful together!