Growth Puts Strain On Local Housing Market
The housing market is facing an inventory shortage, while buyers are struggling to find affordable pricing. Reno Public Radio’s Marcus Lavergne has more on the housing dilemma in Northern Nevada.
With economic growth pulling more people into Washoe County and the outlying region, realtors are having a tougher time finding homes that suit their buyers.
John Graham with the Reno-Sparks Association of Realtors says the market has less than three months of housing inventory. The national average is around six to eight months. Fewer houses means higher prices.
“In that lower range price point for properties, they are literally getting consumed as quickly as they come to market,” Graham said. “If you’re in that kind of a buying range, it’s going to be very hard to find a house.”
Graham says family incomes have not kept up with home prices. Right now, the average family income in the region is around $75,000, but the average house comes with a $290,000 price tag.
Building more homes could ease the issue, but Graham says it’s not so simple.
“The builders have a real challenge,” Graham said. “If they have tons of inventory nobody wants to buy, if everybody wants to buy they have tons of inventory. So, they tend to always be almost 180 degrees out of phase with where the market is at any time.”
Even with these obstacles, Graham hopes the spring selling season, a popular time to buy houses, can balance things out before the year ends.
Marcus Lavergne Reno Public Radio News