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Old 11-23-2015, 10:03 AM
 
Location: Phoenix, AZ
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The most recent stats from the Nat. Assn. of Realtors (3rd qtr, 2015) shows Reno housing is more expensive than Vegas (290K vs. 221). Why so much more expensive in Reno?
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Old 11-23-2015, 10:30 AM
 
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I think it has always been that way.
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Old 11-23-2015, 12:55 PM
 
Location: Pahrump, NV
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my guess? tesla. most are anticipating a boom, so they are asking for abnormally high prices
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Old 11-23-2015, 01:22 PM
 
Location: WA
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If memory serves ... I believe Reno was already more expensive prior to the Tesla announcement.

Looks like the Tesla announcement was made on September 4, 2014. Our small research six months prior showed higher prices in the Reno area versus Las Vegas.
Nevada, Tesla announce huge 'Gigafactory' deal

Of course, since the Tesla announcement, prices seem to have risen.
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Old 11-23-2015, 10:26 PM
 
Location: Phoenix, AZ
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Hopefully someone with a background in real estate of Nevada will contribute an answer to my question.

My uneducated guess is that Las Vegas overbuilt much more than the Reno area did during the boom years. While prices in Las Vegas are on the rise, they're not what they were during the peak boom years.

Also, perhaps there is less land available for development in Reno. Tighter supplies mean higher prices. However, Las Vegas is running out of land for development too, I've read. So I'm not sure this is a contributing factor.

I don't think Tesla in Reno has anything to do with the current price difference. Vegas has huge projects of its own going on.
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Old 11-23-2015, 11:50 PM
 
Location: Henderson, NV
5,314 posts, read 6,311,399 times
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Quote:
Originally Posted by DougStark View Post
Hopefully someone with a background in real estate of Nevada will contribute an answer to my question.

My uneducated guess is that Las Vegas overbuilt much more than the Reno area did during the boom years. While prices in Las Vegas are on the rise, they're not what they were during the peak boom years.

Also, perhaps there is less land available for development in Reno. Tighter supplies mean higher prices. However, Las Vegas is running out of land for development too, I've read. So I'm not sure this is a contributing factor.

I don't think Tesla in Reno has anything to do with the current price difference. Vegas has huge projects of its own going on.
I agree with much of what you said, other than no room to develop. We have hundreds of thousands of acres still expandable. They are building quite a few new neighborhoods as we speak. One has upwards of 9,000 new houses.
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Old 11-28-2015, 10:22 AM
 
Location: Scottsdale, AZ
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I wouldn't be surprised if there are higher prices in Reno because of California ex-pats.

A couple down the street from us just retired to Sparks. True, they're closer to family now and they don't mind snow, but I'd consider moving there if I could get DH to agree to it.

I think it was California tax refugees who drove up the prices in Incline Village.
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Old 11-30-2015, 09:12 PM
 
Location: Phoenix, AZ
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Quote:
Originally Posted by fluffythewondercat View Post
I wouldn't be surprised if there are higher prices in Reno because of California ex-pats.

A couple down the street from us just retired to Sparks. True, they're closer to family now and they don't mind snow, but I'd consider moving there if I could get DH to agree to it.

I think it was California tax refugees who drove up the prices in Incline Village.
Your conclusion doesn't make sense IMO because there are thousands of CA ex-pats in Las Vegas too, just like Reno.
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Old 12-05-2015, 05:15 AM
 
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Reno home prices are always higher than Las Vegas since the 1950s. Old news...
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Old 12-08-2015, 08:18 PM
 
Location: Phoenix, AZ
2,567 posts, read 1,827,484 times
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Quote:
Originally Posted by waltchan View Post
Reno home prices are always higher than Las Vegas since the 1950s. Old news...
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.
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