Fernley, NV

There are many factors influencing real estate trends in the Fernley, NV metropolitan statistical area (MSA). The most significant drivers of these trends are population growth, job market conditions, and interest rates.

Population growth is the most important factor affecting real estate demand in Fernley. The population of Fernley grew by 5.4% between 2010 and 2018, and is projected to grow by another 2.8% between 2018 and 2020. This population growth is driving demand for both new construction and existing homes in the area.

Job market conditions are also a significant driver of real estate demand in Fernley. The unemployment rate in the MSA was 4.0% in December 2019, down from a peak of 8.7% in 2010. This improvement in the job market has led to increased demand for both rental and owner-occupied housing units as more people are able to afford a home or apartment of their own.

Interest rates are another important factor influencing real estate trends in Fernley. Rates on 30-year fixed-rate mortgages have remained relatively low in recent years, averaging 4.54% in 2019 according to Freddie Mac data. This has made financing a home purchase more affordable for many potential buyers, leading to increased demand for both new and existing homes