Navigating the Future of Reno Real Estate
The 2025 Dickson Realty Economic Summit brought together local leaders, industry experts, and community stakeholders to discuss the region’s economic landscape, real estate market, and community development initiatives.
At Dickson Realty, we believe that understanding the broader economic and social context is essential for navigating the real estate market. This summit reflects our commitment to innovation, collaboration, and providing insights that empower our clients and stakeholders to make informed decisions. Some of the distinguished guests included:
- Taylor Adams, Economic Development Authority of Western Nevada (EDAWN), President and CEO
- Lori Bagwell, Carson City, Mayor
- Brian Bonnenfant, Center for Regional Studies at the University of Nevada, Reno, Project Manager
- Alexis Hill, Washoe County, Board of County Commissioners Chair
- Christie Holderegger, Volunteers Of America, Northern California & Northern Nevada, President & CEO
- Eugenia Larmore, Ekay Economic Consultants, Inc. (EEC), Founder and President
- Ed Lawson, City of Sparks, Mayor
- Hillary Schieve, City of Reno, Mayor
- Nick Serrano, Infinity Equity Group, Executive VP of Growth
- Kate Thomas, Washoe County, Assistant County Manager
- Par Tolles, Tolles Development, Partner, Chief Executive Officer
Together, we explored how strategic planning, collaboration, and adaptability can drive sustainable growth and enhance the quality of life in the region.
Reno Real Estate: Key Drivers Shaping Northern Nevada
Northern Nevada is at a crossroads, with rapid growth, economic diversification, and evolving community needs shaping its future.
Northern Nevada Housing Market Analysis
The housing market in Northern Nevada is evolving to meet the demands of a growing population. Bonnenfant’s analysis revealed that Washoe County is experiencing significant residential construction, with 5,135 multifamily units currently under development. This construction boom is a response to net migration and natural population growth, totaling 670 in 2023.
Despite these efforts, the market remains tight. The average rent for a one-bedroom apartment is $1,467, while the median income in the Greater Reno-Sparks area allows for a rental budget of $1,590. Home prices are also rising, with the cost per square foot projected to reach $340 by the end of 2024, up from $301 in early 2023.
These trends underscore the need for continued investment in housing to ensure affordability and accessibility.
Mortgage Market Trends
Serrano’s presentation provided valuable insights into the mortgage market, which has seen rates fluctuate between 6.3% and 7% over the past two years. While these rates have impacted housing affordability, there is optimism that they may ease back to the low 6% range, providing some relief for buyers. Understanding these dynamics is crucial for navigating the real estate market and making strategic decisions.
Larmore added that mortgage rates are expected to remain flat, influencing the region’s home buying and selling dynamics. Stability in mortgage rates is critical for maintaining affordability and supporting the area’s overall economic health.
National and Local Economic Outlook
Larmore comprehensively analyzed the national and local economic landscape. Nationally, economic growth is projected to slow to 2.0% to 2.4% GDP growth in 2025, down from 3.1% in 2023 to 2.8% in 2024. This deceleration is attributed to consumer spending, real estate activity, and business investment declines. However, the probability of recession has significantly decreased to 20-30%, compared to 70% in mid-2023, signaling a more stable economic environment.
Locally, Northern Nevada faces unique challenges. Larmore emphasized that local government revenues are not growing at the rates seen in previous years, which could strain budgets as costs rise. This underscores the importance of community collaboration in addressing economic challenges, particularly in housing and homelessness.
Inflation and Unemployment Trends
Inflation is expected to decline to approximately 2.7%, benefiting from reduced demand, though external factors like tariffs and avian flu could still pose risks. Meanwhile, the national unemployment rate is projected to rise slightly to 4.3%, aligning with the natural unemployment rate of 4.4%. This increase is seen as a natural adjustment rather than a sign of economic distress.
These trends directly affect Northern Nevada, where the labor market remains tight, and wage growth continues to outpace national averages. Understanding these dynamics is crucial for businesses and individuals navigating the region’s evolving economic landscape.
Economic Growth and Diversification
Adams highlighted the region’s impressive economic growth. In 2024 alone, Northern Nevada attracted 22 companies, resulting in $2.9 billion in investments and 1,900 new jobs with an average salary of $85,000. Notable projects include Lyten’s planned lithium-sulfur battery gigafactory, creating over 1,000 jobs and further diversifying the local economy.
This shift from reliance on gaming and hospitality to sectors like advanced manufacturing, technology, and clean energy transforms Northern Nevada into a hub of innovation and opportunity. The entrepreneurial ecosystem is thriving, with initiatives like Reno Startup Week showcasing the region’s commitment to fostering innovation and supporting startups.
Community Leadership Perspectives
The summit’s City and County Leadership Panel offered a glimpse into the collaborative efforts shaping Northern Nevada’s future. Local leaders shared their visions and initiatives, emphasizing addressing community challenges through innovation and partnership.
- Mayor Schieve highlighted the revitalization of downtown Reno and the success of the Midtown area, which was developed during a recession. Her focus on mental health and public safety reflects a commitment to creating a supportive and resilient community.
- Mayor Lawson discussed the need to consolidate fire services and improve emergency response times. He also advocated resetting the property tax system to address Sparks’ structural deficit, emphasizing fiscal responsibility and efficient public services.
- Mayor Bagwell shared insights on Carson City’s master plan update and the challenges of vacant buildings. Her call for adaptive reuse and zoning changes highlights the importance of sustainable development and maximizing existing resources.
- Chair Hill emphasized collaboration among local governments to tackle homelessness and mental health issues. She noted progress in reducing street deaths and highlighted the role of public-private partnerships in addressing complex social challenges.
Addressing Homelessness in Northern Nevada
During the Homelessness in Northern Nevada panel, speakers Holderegger, Thomas, and Tolles shared insights that underscored the importance of collaboration, compassion, and strategic action in addressing one of our region’s most pressing challenges.
The panel highlighted critical statistics that paint a sobering picture of homelessness in Washoe County:
- 42% of individuals in local shelters have a disability.
- 54% of the homeless population is aged 55 or older, reflecting the growing vulnerability of seniors.
- 29% of those experiencing homelessness are uninsured, limiting their access to essential healthcare services.
These figures emphasize the complexity of homelessness in our community, where factors like aging, health challenges, and economic instability intersect to create significant barriers for many individuals.
Collaborative Solutions and Successful Programs
The panelists shared several successful initiatives that are making a tangible difference in the lives of Northern Nevada’s homeless population:
- Nevada Cares Campus: This facility provides emergency shelter for up to 603 individuals, a resource center, and a warming center. It serves as a critical safety net for those in immediate need.
- Hope Springs Clinic: Offering essential health services, this program addresses the medical needs of the homeless population, ensuring they receive care with dignity.
- The Village on Sage Street: With 216 dorm-style units for low-income individuals, this initiative has helped residents reduce debt by 40% and increase income by 20%, showcasing the power of stable housing in fostering financial independence.
- ReStart Program: Focused on permanent supportive housing and rapid rehousing, this program provides long-term solutions to help individuals transition out of homelessness.
These programs demonstrate the effectiveness of combining housing, healthcare, and supportive services to address the root causes of homelessness.
Insights from the Panelists
The panelists emphasized that solving homelessness is a moral and practical imperative for our region, requiring a community-wide effort.
“It’s not just the responsibility of providers like Volunteers of America, but it’s all of us,” Tolles said.
Thomas highlighted the importance of early intervention, advocating for strategic triage and support services to prevent individuals from falling into homelessness. Holderegger stressed the need for compassion and dignity, urging the community to approach this issue with humanity and understanding.
The discussion concluded with a powerful call to action: Northern Nevada must continue to invest in collaborative solutions that address the root causes of homelessness. This includes expanding transitional housing, increasing access to mental health services, and fostering partnerships between local governments, nonprofits, and private organizations. Earlier, during her presentation, Hill noted that regional collaboration has already reduced homelessness and street deaths, proving that collective efforts can yield meaningful results.
A thriving community is one where everyone has the opportunity to succeed, and the insights from the Homelessness Panel reaffirmed that by working together, we can create a prosperous, compassionate, and inclusive region.
Dickson Realty's Commitment to Northern Nevada’s Future
At Dickson Realty, we are more than a real estate company—we are a partner in building a thriving community. We are not just observers of the market—we are active participants in its evolution. Together with our clients, partners, and community, we are building a vibrant, inclusive, and opportunity-filled Northern Nevada. The insights from the summit reaffirm our commitment to innovation, integrity, and exceptional service. Here’s how we are contributing to Northern Nevada’s future:
Supporting Economic Growth
We recognize the importance of economic diversification and actively support initiatives that attract businesses and create jobs. By aligning our strategies with regional economic goals, we ensure that our clients benefit from the opportunities created by a dynamic and growing economy.
Addressing Housing Needs
The housing market is at the heart of our work. We are committed to advocating for policies and projects that increase housing supply, improve affordability, and meet the needs of our diverse community. Whether guiding clients through the complexities of the market or collaborating with stakeholders on development projects, we are dedicated to making homeownership accessible and sustainable.
Fostering Community Engagement
Community engagement is a cornerstone of our approach. We believe that real estate is about more than transactions—it’s about building relationships and contributing to the well-being of our region. From supporting local nonprofits to participating in initiatives like the Nevada Cares Campus, we are proud to play a role in enhancing the quality of life in Northern Nevada.
The 2025 Dickson Realty Economic Summit was a testament to the resilience, innovation, and collaboration that define Northern Nevada. As we navigate the challenges and opportunities, we remain committed to leading with integrity and vision. By staying informed, adaptable, and community-focused, we can continue shaping a bright future for our region.
