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Reno Housing Crunch Expected to Continue Through 2019
Affordability continues to be a sticky subject in the Reno housing market. The economy managed to slowly rebound from its huge downfall in the mid to late-2000s thanks in large part to its appeal for businesses in nearby Silicon Valley as well as other large corporations. However, their move into our area put a stranglehold on availability which builders are currently trying to catch up with. And we may not see relief in the Reno housing crunch until sometime in 2019.
Reno Housing CrunchConstruction was big business for our community before the economic downturn of the last decade. That's why it took longer for Reno to pull itself up. Builders want to relieve the Reno housing crunch. But current demand drives up costs. They must sell homes in the $400,000 range in order to turn a profit due to the cost of land, materials, and labor. Unfortunately, Reno buyers need homes in the $250,000 range.
Reno Housing Crunch - InventoryTypically, the Reno real estate market should maintain around five months of inventory to be considered an even market. Currently, the market shows 1.5 months of supply. However, in the $250,000 and under range, it's as low as two weeks. To increase inventory faster, we ... more

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