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

Reno/Sparks Association of REALTORS

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.

Kaleb is an award-winning journalist and KUNR’s Mountain West News Bureau reporter. His reporting covers issues related to the environment, wildlife and water in Nevada and the region.
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