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