ArrowCreek Home Prices Rebound

Home prices at ArrowCreek Golf & Country Club rebounded nicely from the depths of the last recession, and amid the Covid-shutdowns, luxury properties here with nice views of the mountains or Reno skyline were again fetching prices well north of $1 million.

The median sales price of an ArrowCreek home in 2018 was $972,500, almost double what it had been in 2012, a year that marked a low point for real estate prices in many areas of Reno. (read more)

Arrow Creek Homes for Sale

This community in the foothills of the Sierra Nevada mountains was launched 20 years ago as a gated golf course neighborhood offering terrific views and promising the best of amenities. The early years were slow, with just a few sales per year. But word caught on quickly, and by 2004, sales volume had more than quadrupled.

ArrowCreek Home Sales Market

Before the Fall

Two years later, the median price of a single family ArrowCreek home shot up to $1.1 million. That was 2006, and Reno, like much of the country, was about to be hit by a recession that would cripple the economy and drive thousands from their homes in pursuit of short sales and bankruptcies.

By 2012, ArrowCreek home median prices fell to just under $500k. Short sales were prevalent and homes that were selling Brand New for close to $1 million in 2004 could be picked up at half their original value. The Golf & Country Club was also feeling the strain, and by 2014, the Club filed for Chapter 11 bankruptcy reorganization. 

But a rare thing happened at ArrowCreek. A group of club members banded together, and purchased the Club. They dug the Club out of debt, and hired Arnold Palmer Golf Management to take over the courses. 

Golf & Country Club memberships at ArrowCreek are not restricted just to homeowners, and thanks to the fact that the courses are graced with more than 300 days of sunshine, ArrowCreek has long appealed to golfers who live at the lake and elsewhere in snow country. Memberships have since tripled. In a remarkable twist of fate, one of the Club members who migrated down from the Lake has since bought out the other 50 members, and is investing $20 million into a massive overhaul of the Clubhouse, swim complex and other amenities.

ArrowCreek Home Values Holding Steady

Fast forward to 2022, and the median sales price of a home in ArrowCreek has risen to more than $1.6 Million. The pace of sales has also been strong, with 36 homes sold in ArrowCreek as we entered the 4th Quarter of 2022.  For the price and value, ArrowCreek can't be beat. Miles of paved trails wind though this community, making it great for walking, jogging and cycling. The gate adds an extra sense of security, and the neighborhood is just minutes from hiking, skiing, terrific retail, restaurants & shopping. Dues are affordable, and the Club membership offers use of the gym, swim complex, tennis, and vibrant social programming centered around a well-appointed Clubhouse.

All that ... for less than $2 million?

A price tag well north of $1 million is steep for locals, but Reno's growth is being fueled by companies moving from California and other US cities, where $1 million doesn't buy much. Anecdotally, we see clients from the San Francisco Bay Area who are shocked at how far their housing dollar goes in Reno.

While it's true that real estate can be cyclical, the last recession was largely precipitated by sub-prime mortgage crisis. Home prices plummeted, and like many US cities, Reno was not well positioned to respond. Since that time, the region has seen major corporate investment from companies like Tesla, Switch, Google,, and Apple (to name a few). With the growth expected to continue, analysts at the University of Nevada, Reno estimate that the region's population will swell to more than 744,000 over the next 17 years.

After years of double digit growth, Reno closed out 2019 with just a 4 percent increase over the year before, pushing the median price of a single family home over $400k. New construction has helped to meet demand, and while some of those projects are geared toward the luxury home buyer who can afford a $1 million price tag, there is only so much land close to the center of town where a developer can pull off a luxury golf course community on par with ArrowCreek (or Montreux on the other side of the highway).

Reno Housing Market

Scarcity drives demand. And if the pace of sales at ArrowCreek are any indication, demand for luxury in Reno has remained strong. (Over the past five years, we've seen between 60 to 70 homes sell in ArrowCreek every year.)

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