Reno’s depressed real estate market is getting healthier, and the city is being called a boom town now, according to a new Realtor.com report. During the second quarter, Reno was ranked No. 38 in market recovery, according to the Top Turnaround Town Report released today by the Relator.com.
“What we noticed this time was that there was a variety of markets, and Reno being one of them, we considered boom towns,” said Julie Reyolds, vice president of Realtor.com. “What that means, it’s one of the (146 markets that we have been watching) that zoomed to significantly higher ranking, based on those key metrics.”
The rankings are based on year-over-year median sales price, inventory and unemployment rate. The city jumped 40 positions from No. 78 in the first quarter. In the last quarter of 2011, it started at No. 131. The real estate website monitors about 146 markets across the nation. Reno is expected to continue the rise, according to Realtor.com.
“All the signs point to a healthy market for Reno,” she said. The housing market is showing signs of recovery across the nation with limited existing home inventory and rising homes sales prices, including in Reno.
Florida, one of the hardest hit states during the foreclosure crisis, experience the revitalization last year, which now is moving to the West Coast. Growth has slowed, but Florida’s real estate market has steadied. “Stabilization is good for any market,” Reynolds said. “… Overall, if you look at Florida as a state, there’s a lot more stability. There are more healthy markets than there were last year.”
Reno and Nevada still are burdened with high unemployment rates and foreclosure rates, which could stall the local recovery. Atlanta also was selected as the other boom town, jumping 23 places to No. 15 in the second quarter.
The top turnaround town was Phoeniz-Mesa, Ariz., followed by Oakland, Calif., and Miami during the second quarter.