Reno, Sparks and Northern Nevada are projected to have continued sustained growth for the next 5 years. RCG is forecasting 51,585 new jobs, 54,470 people and 22,559 households coming to Northern Nevada by 2023.
RCG found that the population of the study area is expected to increase by 8.6 percent from 2019 through 2023. Employment is expected to rise by 12.7 percent during this same time and households are expected to increase by 8.8 percent.
This means the population will grow, ranging from 11,954 people in 2019 to 10,139 people by 2023. Similar growth is projected for new jobs, ranging from 12,753 new jobs in 2019 to 8,087 jobs in 2023. Therefore, we are expecting to have annual growth in the number of households, ranging from 5,141 households in 2019 to 3,983 households by 2023.
What does this mean for real estate? It means that the current pace of building will struggle to keep up with the demand for new housing. As a result, we are expecting continued price appreciation over the next few years.