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Housing: Reno named one of the 15 'hottest' real estate markets for the next decade

Home prices are at record highs and continue to increase making it more difficult for Reno residents to qualify for a new home! Building affordable homes is extremely difficult in this market as land prices and construction costs are at all time highs! We need to stress "attainability" in the coming months through attached and smaller detached product or our "hot" residential real estate market will start to simmer.

Be sure to attend the Builders Association of Northern Nevada 2020 Forecast and Beyond presentation on January 30th to get all the insight on our local and national real estate market!

Mark Krueger, Principal - Krueger Land Team

Below is the article written by Jason Hidalgo on December 23, 2019 for the Reno Gazette Journal. Click here for the article on RGJ.com.

Housing: Reno named one of the 15 'hottest' real estate markets for the next decade

Reno’s hot housing market is expected to continue sizzling in the coming decade, according to a new real estate ranking.

Business Insider included The Biggest Little City in its list of the top 15 “hottest new places to live." The ranking is based on feedback by real estate agents from across the U.S. who were asked to predict the most popular real estate markets for the next 10 years.

Here is a list of all the places that are on the list. Las Vegas also made the rankings, making Nevada the only state with two cities in the top 15:

  • 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

Aerial view of downtown Reno, including the Truckee River and UNR. (Photo: OwensImaging, Getty Images/iStockphoto)

Although Business Insider did not rank the cities in a particular order, one real estate expert who took part was especially bullish on Reno.

“In addition to Tesla moving to Reno, the area benefits from no state income tax, lower housing costs, an international airport, and proximity to Lake Tahoe,” said Chris Lim, founder of San Francisco-based firm Climb Real Estate. “Reno will surely be the hottest real estate market in the US for 2020 and beyond.”

If the prediction pans out, it will be a double-edged sword for the Reno-Sparks metro area. On one hand, a bullish real estate market is a welcome change for a region that was flooded with foreclosures and was one of the cities hit hardest by the housing crash. Reno’s robust recovery from the Great Recession, however, has also led to record-breaking median home prices and apartment rents while area incomes fail to keep pace. This has fueled concerns that Reno’s housing market would start seeing the same affordability issues plaguing California markets such as the Bay Area if housing supply isn’t addressed.

The city of Reno recently launched a program called “1,000 Homes in 120 Days” to help spur construction of more dense “missing middle” housing such as townhomes and condominiums by delaying development fees. Groups such as the Economic Development Authority of Western Nevada are also focusing on bringing in companies that provide higher-paying jobs to Northern Nevada.

The list did not factor the impact of a potential recession. For more details on the rankings, here is Business Insider’s list of the top 15 hottest real estate markets in the next decade.

Jason Hidalgo covers business and technology for the Reno Gazette Journal, and also reviews video games as part of his Technobubble features. Follow him on Twitter @jasonhidalgo. Like this content? Support local journalism with an RGJ digital subscription.

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