Reno Projected to be One of the Hottest Real Estate Markets Over the Next Decade

Our Biggest Little City just got some big national attention. An article recently published on Business Insider named Reno as one of the best real estate markets to make a profit or invest in property over the next 10 years.

The financial and business news website interviewed real estate agents and housing experts, who narrowed down their list to a Top 15. Reno and Las Vegas were the only two cities to represent their state more than once.

Here’s the full list (which was presented in no particular order):

•       Long Island City, New York
•       Kapolei, Hawaii
•       Leland, North Carolina
•       Oakland, California
•       Reno, Nevada
•       Vancouver, British Columbia
•       Austin, Texas
•       Nashville, Tennessee
•       Columbus, Ohio
•       Greenwich, Connecticut
•       Jersey City, New Jersey
•       Philadelphia, Pennsylvania
•       Las Vegas, Nevada
•       Scottsdale, Arizona
•       Boston, Massachusetts

You can read the report in its entirety here.

Nevada remains one of only seven states that don’t impose Income Tax, which makes it even more attractive for relocation. According to local CPA Firm Ashley Quinn, those coming from California can see an income tax savings of up to 13% of their taxable income. The Silver State provides tax incentives for businesses to relocate and expand, which attributes to the economic growth in the region. All of the new jobs and an exuberant workforce make the business climate ideal.

EDAWN (Economic Development Authority of Western Nevada) just kicked off a Bay Area Attraction Campaign, focusing on tech companies and entrepreneurs in key sectors, including Blockchain, Internet of Things, Fintech, Business to Business software gaming and Autonomous Systems. They plan to kick the program into high gear in January.

In 2019, 22 companies relocated to the Greater Reno-Sparks area, including MOBE from Minnesota (300 jobs added) Uplift from California (267 jobs) and 1A Auto from Massachusetts (150 new jobs).

Per EDAWN, the total relocations or expansion amounted to more than 1,300 new jobs for our region. Of all the companies that EDAWN assisted this year, 65% of them came from California.

While the robust growth is certainly exciting for Reno, our housing market has seen some steep learning curves. Affordability issues and inventory availability is a growing concern. The City of Reno has taken initiatives to keep pace, including launching a pilot program called “1,000 Homes in 120 Days,” which helps incentivize the rapid development of new housing units.

We have seen the supply and demand shift in the luxury market, as well. In South Reno’s neighborhoods of Montrêux, ArrowCreek, Saddlehorn, Fieldcreek, Galena Forest Estates, St. James’ Village and Mount Rose Estates, we are currently experiencing an all-time low for inventory. (Making it an appealing time to sell your home in this Seller’s Market.)

While Reno’s economy continues to sizzle and we garner national attention, it’s an exciting time to live, work, and play in this beautiful community.

Follow the Sullivan-Wonhof-Gore Luxury Real Estate Team, Dickson Realty on Facebook, Instagram, and Twitter to stay up-to-date on real estate news, Montrêux events, and local happenings in the Reno-Tahoe area. For real estate inquiries, stop by the beautiful Montrêux Welcome Center at 16475 Bordeaux Dr. in Reno, Nevada, call us at 775.849.9444, or email us at info@luxuryrenohomes.com. The Welcome Center is open 7 days a week, from 9:00am to 5:00pm.