We’ve been talking an awful lot lately about how busy the Reno business environment is lately. Construction on the Tesla Gigafactory is underway. Several other new high tech companies have either committed to coming to our Reno community or are already doing business here. With new businesses comes the need for homes for workers. That is why we are seeing the demand for Reno housing on the rise.
Just last summer, the City approved plans for 1,000 new homes to be constructed within in the next 18 months. The increase in construction is not just concentrated in one location either. Damonte Ranch, South Meadows and Bella Vista Ranch are scrambling to meet demand in Southern Reno. South Meadows seems to be proving the biggest draw for Reno Buyers. New housing developments are popping up in Sparks and Spanish Springs. The Cold Springs neighborhood to the northwest is another area where Buyers are busy scooping up property.
Last year alone, almost 6,000 Reno-Sparks homes were sold. It appears that this year will see even more sales. As businesses continue to flow into the Reno-Sparks area, demand is only going to go higher. There is not enough current inventory to meet the demand. That is why there has been such a push for new construction in the Reno community.
With demand for Reno housing on the rise, prices may increase as well. If you are looking to purchase a Reno home, we would suggest you start looking now. Interest rates remain at low levels. But even they are expected to go up this year. When more workers flood our community, it might get harder to locate that perfect property for yourself. Contact us when you are ready to start looking for your Reno home.