Reno Vs. Las Vegas median home prices

[Raiderman]

Originally Posted by DougStark

No, not "old news."

I didn't ask if there were price differences (of course there are); I asked WHY there is a big price difference.

Reno is a small town of $230K. Las Vegas is a city of $2M+ with tons of land to continue growing. More houses, lower prices. Supply and demand.

[DougStark]

Posters, thanks for all of your opinions. However, no one has given me any concrete reason why Reno is so much more expensive than the Vegas valley.

I've decided to do my own on-line research into this issue.

Here's what my 30 minutes of research revealed:
-Reno has limited water supplies that restrict growth. Everyone knows Las Vegas is water-short, but I just learned Reno is also, and maybe even to a greater degree.
-Available land for development in Washoe County (Reno) is not plentiful. This has caused a spill-over into adjacent counties. Las Vegas locals have told me on here that the Vegas valley still has lots of land to build on.
-Reno's economy is more diversified, according to the Economic Forecast publication put out by UNLV.

PS- I would never have guessed Reno was water short, seeing as how it's at the foot of the Sierra Range. But logic tells me that the east side of a mountain range is a lot drier than the west (windward) side. That's why CA grows all those delicious fruits and vegetables.

So, I'm satisfied with the answers to my question. It appears there are tighter building restraints in Reno vs. Las Vegas, which push up the median home prices in Reno above those in the Vegas valley.