Dickson Realty’s annual economic update event embodies our commitment to fostering relationships and connections within our community. Our annual Economic Summit provides advantages to our agents, homeowners, buyers, and sellers in Northern Nevada. It equips our agents with insights to navigate the evolving market landscape, ensuring they stay ahead to serve our clients better. Through the knowledge gained, our agents cultivate enduring relationships and contribute to a vibrant community. The Economic Summit demonstrates our commitment to excellence and the collective prosperity of our clients and community while fostering connections.

“We couldn’t do what we do without being passionate about our community,” said Nancy Fennell, Dickson Realty CEO and owner.

Dickson Realty leaders, regional experts, and agents gathered at the Nightingale Sky Room in the Nevada Museum of Art for the 2024 Economic Summit this year. The event provided an opportunity to discuss the Nevada real estate market and celebrate the achievements of top team members. Over 200 agents attended, representing all of Dickson Realty’s offices, including Carson City, Carson Valley, Reno, Gardnerville, Lake Tahoe, Truckee, Portola, and Sparks.

Speakers included:

  • Taylor Adams, president and CEO of the Economic Development Authority of Western Nevada, gave a broad overview of the region’s economy, comparing the last 20 years and providing context to sustainable growth.
  • Brian Bonnenfant, project manager at the Center for Regional Studies at the University of Nevada, Reno, provided a more focused look at the region’s housing demand.
  • Nick Serrano, the Executive Vice President of Growth for Omega Mortgage Group, provided insights about mortgage rates and generational changes in the market.
  • Eugenia Larmore, Ph.D., MBA, president of eKay Economic Consultants, added context to national economic trends.

In addition, David Walker, Executive Director of the Nevada Museum of Art, discussed the new Charles and Stacie Mathewson Education and Research Center. The center is currently under construction and projected to open its doors in the spring of 2025.

Economic Update: By the Numbers

This year’s Economic Summit highlighted many metrics regarding our local and national economic landscape and our community and company’s successes. Keep reading to learn more fascinating facts and figures shared at Dickson Realty’s annual event.

  • A mix of single-family and multi-unit dwellings comprised the 6,140 new housing units built in 2023. Recent data shows a significant shift in housing construction, emphasizing multi-family units more than single-family homes. In 2023, approximately 3.61 multi-family units were built for every single-family unit, a notable increase from the ratio in 2022, which saw about 0.8 multi-family units constructed for each single-family unit.
  • Dickson Realty’s annual meeting honored 30 agents for outstanding work in 2023. Leading the pack is Heather Houston, with an impressive sales volume of $46,979,447 and 32 units sold, securing the top spot among the 30 highest-producing agents. Following closely behind are Heidi McFadden and Lori Welsh, who achieved remarkable sales volumes of $38,046,465 for 48 units and $32,177,960 for 40 units, respectively. These exceptional individuals embody the high standards of success and unwavering dedication to clients that define Dickson Realty’s esteemed agents.
  • The Reno Metropolitan Statistical Area (MSA) experienced significant job growth from 2022 to 2023, adding 9,508 new positions across various sectors. The education and health services sector led the growth, contributing 2,500 new jobs, followed by Leisure and Hospitality with 2,042 new roles. Construction and Government sectors also saw substantial increases. The average hourly wage for the new jobs added was $30.94, with the highest average wage in the Government sector at $38.54 per hour.
  • Dickson Realty’s 2023 Lifetime Achievement award winners, Kathy White, Donna Luchetti, and Lil Schaller, boast an impressive collective experience of 98 years. This remarkable milestone reflects their unwavering dedication and expertise in the real estate industry.
  • In January 2024, 91% of economists assigned a 50% or less probability of a U.S. recession within the next 12 months. According to a survey by the National Association for Business Economics (NABE). Conversely, the percentage of economists who believe a recession is more likely than not has decreased to 9% from 18%. This shift reflects a more positive economic outlook for the U.S. based on recent analysis from December 28, 2023, to January 9, 2024.
  • In 2023, 48 agents joined the Dickson Realty team, including 20 seasoned agents with a wealth of experience and 28 fresh faces new to the industry. The total number of agents at Dickson’s now stands at 345.
  • The construction of the Charles and Stacie Mathewson Education and Research Center at the Nevada Museum of Art will expand the museum, adding an impressive 28,175 square feet of new and increased space. The new wing will be named after Charles N. Mathewson and Stacie Mathewson to honor their $16 million gift to the museum’s expansion project. This state-of-the-art education and research center will serve Nevada’s students, educators, scholars, and community. The center is under construction and projected to open in the spring of 2025.
  • In 2023, Dickson Realty’s total residential sales volume reached $1,584,389,375 across 2,166 units. This figure includes Truckee’s contribution of $119,400,440 through the sale of 164 units.
  • The Economic Development Authority of Western Nevada (EDAWN) helped add 1,733 new jobs to the region in 2023. It showed the promise of Northern Nevada to about eight potential companies considering relocation each month.
  • Two bills in Congress aim to expand developable land in northern Nevada. The Truckee Meadows Public Lands Management Act focuses on economic development and conservation in Washoe County, while the Northern Nevada Economic Development and Conservation Act transfers federal lands for public use and economic development. Both bills prioritize conservation efforts and exemplify Nevada’s commitment to balancing growth and environmental conservation.
  • The Sullivan-Neal Luxury Real Estate Group leads the pack among Dickson Realty’s top-producing teams with a staggering sales volume of $99,690,156 and 53 units sold. Following them are the Berman Group and Dees Group with impressive ranks based on total sales volumes of $32,787,084 for 65 units and $28,457,690 for 46 units, respectively. These top four teams exemplify excellence in real estate performance within the company.
  • The upcoming years will see approximately 46 million millennials reaching the median age for first-time homebuyers, causing a surge in housing demand. Despite initial obstacles such as economic challenges and a shortage of starter homes, this significant demographic shift indicates a strong and sustained demand in the housing market as these younger adults establish their households.
  • Through a partnership with Dickson Realty, Utility Concierge offers a hassle-free solution for new homeowners, helping them set up their essential services in just 20 minutes. They provide personalized assistance connecting utilities like electricity, water, internet, and security. With a dedicated concierge, clients can easily compare and connect services with a single phone call, ensuring a seamless transition into their new homes.
  • Since 2021, the Dickson Community Fund has contributed $26,000 to three local organizations in great need. As the Fund approaches its third year of giving, its mission to support local organizations and enhance our community continues to expand. In a united effort, both Dickson clients and 350 real estate agents have donated a portion of their closing proceeds to further this cause. Together, we strive to make a positive and lasting impact on the place we call home.

Finally, the most crucial number to share is that with 1440 minutes in a day, there is immense potential for personal growth and achievement. Olympian Kerri Walsh Jennings inspires us to view each minute as a treasure trove of opportunity. Mindfully allocating our time allows us to cultivate habits, achieve goals, and forge meaningful connections. Just like in a game of volleyball, every serve, pass, and spike counts. Let’s approach each point deliberately and lead a purposeful and fulfilling life.

With a positive economic outlook for the U.S. in 2024, we are confident in the continued growth of the U.S. economy and the real estate market. As we look ahead to the next five years, we anticipate strong economic growth and stability, making now an opportune time to invest in the Reno, Nevada, housing market. With median home prices in Reno on the rise, now is a great time to buy a house and take advantage of the current market conditions. Our agents are well-versed in the economic indicators and trends that impact the housing market, allowing them to provide valuable insights and guidance to our clients. Whether you are a first-time homebuyer or an experienced investor, our team is here to help you navigate the real estate landscape with confidence. Contact your local Dickson Real Estate Agent today!