Reno housing market: high demand, low supply
The Reno housing market has seen the biggest price gains in the country for the lowest end of the market as a result of high demand and low supply, a study by Nationwide Mutual Insurance Co. shows.
What sold for $100,000 five years ago is now demanding well over $200,000, Ben Ayres, senior economist at Nationwide in Columbus, Ohio, said Wednesday in analyzing Nationwide’s third-quarter Health of Housing Markets Report.
“Particularly in Reno, price gains in the lowest tier are much stronger than the higher tiers,” he said. “Your job growth is very strong, more people are moving in.
“If you’re a current homeowner, you love this. Your home values are going up. The issue is more for those renting and first-time home buyers wanting to buy but can’t find a home.”
He said across the U.S., supply is low, adding, “The problem is, we’re not building enough housing. It’s a pattern we’ve seen before. In the long run, that’s not good for the market. It’s pricing people out.”
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