Chase: Million-dollar home sales up 52 percent in Reno in 2018 |

Chase: Million-dollar home sales up 52 percent in Reno in 2018

NNBV staff report
READ MORE A sizable increase in million-dollar home sales served as the foundation of the Lake Tahoe real estate market in 2018, according to Chase International, highlighted by a median home price in Incline Village topping out the year at $1.269 million. Go here to read other trends and stats from 2018 for the Tahoe real estate market.

RENO, Nev. — The overall Reno-Sparks real estate market saw a slight decline in sales in 2018, though luxury home sales increased significantly, according to market statistics released this week by Chase International.

Overall sales volume in 2018 compared to 2017 dropped 1 percent, and the number of homes sold dropped 13 percent.

Million-dollar home sales drove the market, according to Chase International; those higher-end sales saw a 52 percent increase from 2017 to 2018. The number of homes sold for under $1 million declined 14 percent.

“Inventory remains tight driving median and average prices higher,” Susan Lowe, corporate vice president of Chase International, said in a statement. “We are expecting another strong year in the Reno-Sparks region.”

These statistics for 2018 are part of a quarterly report released by the Tahoe-based real estate agency. The data compares all MLS home sales from Jan. 1, 2018, through Dec. 31, 2018, to the same timeframe in 2017.

The report also concludes the following for 2018:

• Northern Nevada-area median home prices saw an 11 percent uptick to $375,000.

• Carson Valley home sales volume was down 1 percent, while median home prices rose by 13 percent to $418,000.

• Carson City home sales volume was down 13 percent, while median home prices rose by 14 percent to $328,487.

• Condo sales increased 11 percent in Reno-Sparks and 63 percent in Carson City.

Northern Nevada numbers mirror a trend nationally, in which home prices continue to rise. Per the National Association of Realtors, home values across America rose 5.1 percent from November 2017 to November 2018.