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Business and Economy

Business Beat: Reno Housing Prices Hit Record High, Pandemic Mattress Demand A Dream For Retailers

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Reno/Sparks Association of REALTORS
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Here’s the latest business news from around Northern Nevada, with Business Beat from the Northern Nevada Business Weekly.

Housing Prices Reach New High

Another month means another record-high median home price for Greater Reno-Sparks.

According to the Reno/Sparks Association of Realtors, the median sales price for an existing single-family home in the Reno/North Valleys market was $550,000 in May. That’s more than 37% higher than May of last year.

Realtors cite a lack of available inventory as the main driver.

Since bottoming out in early 2012, housing prices in Reno-Sparks have risen 272%.

Read more about record-high housing prices at nnbw.com.

Mattress Companies See Increased Pandemic Demand

As the pandemic forced more people into work-from-home situations, local mattress companies saw demand awaken.

Sierra Mattress co-owner Matt Freeman says that’s partly because people wanted to be more comfortable in their home offices, while others had to cancel travel plans and stay home. The Reno-based company saw a 5% increase in revenue last year.

In fact, mattress sales across the U.S. increased by more than 30% last year compared to 2019. That’s according to a USA Today report.

Read more about mattress demand at nnbw.com.

Reno Startups Advancing Cashless Transactions

Two new Reno startups are working to usher in a cashless future.

Drank is an app that allows users to order drinks and food from bars, food trucks, breweries - no more waiting for a bartender. Co-founder Eric Liao says it’s like Uber Eats for grab-and-sit, not delivery.

Originally based in California, the company moved to Reno because there were fewer coronavirus restrictions. Drank now hopes to launch its revamped pilot program in July.

Reno-based startup Copper is working to help bars and restaurants modernize their point-of-sale systems to accept contactless payments.

Read more about these Reno startups at nnbw.com.

Kaleb Roedel is a KUNR contributor and reporter with the Northern Nevada Business Weekly. For more business news, check out the Northern Nevada Business Weekly at nnbw.com or in print on Wednesdays.

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