Welcome to the city that defies stereotypes. From high-rise luxury condos that are defining the "new" downtown, to country club communities with some of the best golf courses in the region, Reno is fast becoming one of the best cities in the West ... read more.
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Reno is an eclectic mix of old Western settlements like Genoa, and new suburban neighborhoods, where you can find access to great schools and easy access to some of the region's top employers like Tesla, Apple, Microsoft, and the University of Nevada, Reno. The strong job market is fueling an unprecedented growth in Reno and surrounding communities such as Carson City, Dayton, and Fernley.
The Tesla Effect
Thanks to the construction of USA Parkway, a 4-lane highway connecting I-80 East to Highway 50 near Dayton, these outliers are likely to see higher demand for housing in the next decade. USA Parkway was a promise made to Tesla when Elon Musk decided to locate his Gigafactory at the Tahoe Reno Industrial Center (TRIC), and it cuts straight through TRIC, intersecting near I-80 with Electric Avenue, the road to Tesla. Five years ago, there were more than 6,000 people commuting to work at TRIC, and only one restaurant -- a sandwich shop. Today, we are seeing proposals for new hotels and housing developments in the land surrounding the massive industrial center. It will be a game-changer, not only for Reno, but for the many communities now within commuting distance of the new jobs.
New Housing on the Way
A recent University of Nevada, Reno study predicts that Reno/Sparks will see almost 61,000 new residents over the next 10 years. Much of the growth is predicted to be in neighborhoods like Spanish Springs and the North Valleys, neighborhoods far from downtown that are seeing a swell in demand thanks to the fact that housing remains “relatively” affordable there ... and affordable is indeed a relative term in today's Reno. By the end of the third quarter in 2017, the price of a single-family home had risen to $349,500. That’s more than a 5 percent increase from the previous quarter, and up 9 percent from 2016. During this same quarter five years ago, by contrast, the median sales price in Reno/Sparks was just under $175,000.
New housing starts will take the steam off the market in the years to come. Almost 50 new developments are currently underway in Reno/Sparks, with a cluster of new growth in the Southeast, where a new highway will shuttle commuters from neighborhoods near the base of Mt. Rose Highway to Interstate 80 near Sparks, bypassing the typical rush-hour congestion of I-580. For a tour of the new communities underway, please contact us.
Downtown Reno makes a Comeback
Not all of the development will be suburban sprawl. Downtown will be the place to watch, as the bulldozers roll in to lay the foundations for the West 2nd Street District, a $1.2 billion plan to remake 17 blocks of downtown. The development will be a mix of offices, housing, and restaurants. And significantly, there will be no gaming in the new mix. Moving away from its gaming image, downtown Reno is seeing new hotels and restaurants gaining in popularity, thanks to the fact they have no smoking and no slot machines. Places like the Whitney Peak Hotel, with its signature rock climbing wall (featured in Forbes Magazine), are creating a new image of the city.
While downtown will continue to see higher demand for luxury high-rise apartments, Reno has always been more than just its downtown. The region offers a diversity of lifestyle options and micro-climates ranging from the high desert plateau of places like ArrowCreek, a gated country club community in the South Reno foothills of Mt Rose, to the lush green pasturelands of Genoa, Minden, and Gardnerville in the foothills of the Eastern Sierra.
Much of the region is just a 25-minute drive to Lake Tahoe, a year-round hub of recreation easily accessed via I-80 in the North, Mt Rose Highway leading up to Incline Village in the South, The Kingsbury Grade (to Stateline), and Highway 50, an accessible 4-lane highway running from Carson City to Glenbrook (and also a major access point for Clear Creek, a beautiful new gated golf course community).
If you are considering property in Northern Nevada, please contact us for a tour and additional information.
The data relating to real estate for sale on this web site comes in part from the BROKER RECIPROCITY Program of the Northern Nevada Regional MLS. Real estate listings held by brokerage firms other than Dickson Realty are marked with the BROKER RECIPROCITY logo or the BROKER RECIPROCITY thumbnail logo and detailed information about them includes the name of the listing brokerage.
The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
Listing information last updated on August 19th, 2018 at 7:39am CDT.