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All-cash homebuyers in Northern Nevada hit record high

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All-cash homebuyers in Northern Nevada hit record high


Washoe County broke an all-time record in October for the most all-cash home sales, setting the stage for an area becoming more expensive by the day.

Home prices and high-paying jobs have been on the rise in Washoe County, largely the cities of Reno and Sparks, as major companies continue to set up shop and rapidly grow in the area.

Nearly 30 percent of Washoe County’s home sales in October were all-cash (no mortgage needed), a record-breaking high dating back more than a decade, which is how long the county assessor’s office has been collecting the data. And while Lake Tahoe is known for multimillion-dollar real estate, houses on the Nevada side of the city make up a small fraction of the residences in Washoe County.

Brian Bonnenfant, project manager for the Center for Regional Studies at the University of Reno, Nevada said Northern Nevada’s real estate scene has been seeing an influx of high-income earners along with high-income jobs for years.

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Companies such as Tesla, Google and Panasonic have all set up shop in Northern Nevada alongside the region’s lithium-ion battery company boom. The Tahoe Reno Industrial Center, billed as the largest industrial park in the world, houses a Tesla gigafactory which opened in 2016 and employs an estimated 11,000 workers. Tesla also announced at the start of 2023 it plans on hiring 3,000 more workers and building two new factories as part of the Sparks facility.

Home sales, and home prices, said Bonnenfant, have invariably gone up with the boom in business.

“The luxury side of product has still been very healthy (in Washoe County),” Bonnenfant said in regards to massive companies like Tesla and Google bringing corresponding high-wage tech salaries. “A lot of million-dollar-plus homes, existing and new are being built and sold, it’s easily the most popular product in town.”

Washoe County is located along the northwestern edge of Nevada, and is the second largest county in the state by population with close to a half-million residents.

Bonnenfant said much like Southern Nevada, high-income earners from California are seeking out a cheaper life in Washoe County. Their companies are moving here and bringing them with them. The biggest demographic age range moving to the area is 20-29 year olds.

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“Through November, one out of every four existing homes were cash purchases,” he said. “This indicates that the California relocation of homeowners is alive and well, or investors still see our region as a safe investment, albeit at relatively high prices, or both.”

He said with high mortgage rates (just under 7 percent for a 30-year-fixed rate right now), someone would need to make at least $125,000 annually to afford a mortgage for the median home sale price in Washoe County, which currently sits at around $560,000.

Las Vegas Realtors says the median price for a resale home in Southern Nevada in December was $449,900.

“And that’s out of reach for most households now, unless of course you are a Californian, and sell your house in California for say more than (the average home price) and then bring that money over here. And that’s made up the bulk of the activity this year, what’s been driving a lot of it is those cash sales.”

Sarah Scattini, a real estate agent who has been working in Northern Neveda for 20 years, said she really noticed real estate begin to take off in 2019, with a new influx of high-income earners.

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Scattini, vice president of the Nevada Realtors State Association, said major companies such as Tesla and Google are helping their employees relocate to the southern part of the state.

“They’re also giving them incentive packages to entice them to move here and come make the jump here,” she said. “So they are paying for their rent for a period of time while they come look for homes to buy in the area.”

California boomin’

Close to a third of the people who are relocating to Washoe County are from California and it has been that way for decades, according to Washoe County data.

Bonnenfant said that back in 2015 the county was selling approximately 30 homes a quarter that were valued at more than $1 million and since the pandemic that number has jumped to 143. The Reno area has also added close to 10,000 more jobs through November of last year, compared to the same time period in 2022.

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Much like in Clark County and the rest of the U.S., spiking mortgage rates “kneecapped” the Washoe County market, Bonnenfant added.

Washoe County also takes into account the ultra-affluent Lake Tahoe area where the average sale price for a home is approximately $1.6 million, according to the Northern Nevada Regional Multiple Listing Service.

This has in turn sparked an affordability crisis and subsequent spike in homelessness in the region that Reno Mayor Hillary Schieve has addressed as a key priority. In an email response to the Las Vegas Review-Journal, Schieve said Reno is making a big effort to provide more affordable housing.

“From new home construction, to new apartments and rehabilitating existing structures, Reno is working to add housing in a variety of neighborhoods.”

Schieve said Reno has spent $11.7 million in rental assistance in the last three years, supporting 3,661 households, and from 2022 to the end of last year, 2,600 apartments and single-family dwelling units were created. This included the city council approving federal funding that helped build 1,134 affordable housing units and 134 rehabilitation units.

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Council also allocated $7.5 million from American Rescue Plan funds to help build a rehabilitation facility for low-income residents with mental health needs, as well as units other low-income residents or homeless veterans.

Many local citizens have decried the increase in home prices, and invariably, the rental rates. RentCafe has the average rental rate for a one-bedroom in the Reno area at $1,631, well above the average rate of $1,457 in Las Vegas.

Scattini said this is the biggest test that Washoe County will face in the years to come, is making sure affordable housing keeps up with the growing housing demand in the area.

“I think the big thing a lot of people don’t know is that 87 percent of Nevada is owned by the government,” she said, referring to federal land managed by the Bureau of Land Management. “And it’s pretty simple they need to release more of that land so we can continue to build because currently in Northern Nevada we don’t have the infrastructure.”

2023 was the slowest year for home sales Washoe County has seen since 2018, but cash buyers have clearly propped up the local housing market. Bonnenfant said as long as the narrative remains the same, the real estate story will continue in lockstep.

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“Recent census data reports that California continues to bleed above income households,” he said. “Thus, the demand side continues to show healthy signs for our region.”

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.



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‘Winnemucca Day’ helps fuel Backus, Wolf Pack to 58-40 win over Utah State

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‘Winnemucca Day’ helps fuel Backus, Wolf Pack to 58-40 win over Utah State


RENO, Nev. (Nevada Athletics) – Nevada Women’s Basketball returned to Lawlor for the first game of 2026, hosting Utah State.

The Pack picked up its first conference win of the season with the 58-40 victory over the Aggies.

Freshmen showed out for the Pack (5-9, 1-3 MW) with Skylar Durley nearly recording a double-double, dropping 12 points and grabbing nine rebounds. Britain Backus had five points to go along with two rebounds and a season high four steals.

Junior Izzy Sullivan also had an impactful game with 17 points, going 6-for-11 from the paint and grabbing five boards. She also knocked down Nevada’s only two makes from beyond the arc, putting her within one for 100 career threes.

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The Pack opened up scoring the first four points, setting the tone for the game. It was a close battle through the first 10 as Utah State (6-7, 2-2 MW) closed the gap to one.

However, Nevada never let them in front for the entire 40 minutes.

Nevada turned up the pressure in the second quarter, holding Utah State to a shooting drought for over four minutes. Meanwhile, a 5-0 scoring run pushed the Pack to a 10-point lead.

For the entire first 20, Nevada held Utah State to just 26.7 percent from the floor and only nine percent from the arc, going only 1-for-11.

For the Pack offense, it shot 48 percent from the paint. Nevada fell into a slump coming out of the break, only scoring eight points.

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It was the only quarter where the Pack was outscored.

The fourth quarter saw the Pack get back into rhythm with a 6-0 run and forcing the Aggies into another long scoring drought of just under four and a half minutes.

Durley had a layup and jumper to help with securing the win.

Nevada will remain at home to face Wyoming on Wednesday at 6:30 p.m.

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EDITORIAL: Nevada’s House Democrats oppose permitting reform

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EDITORIAL: Nevada’s House Democrats oppose permitting reform


Politicians of both parties have promised to fix the nation’s broken permitting system. But those promises have not been kept, and the status quo prevails: longer timelines, higher costs and a regulatory maze that makes it nearly impossible to build major projects on schedule.

Last week, the House finally cut through the fog by passing the Standardizing Permitting and Expediting Economic Development Act. As Jeff Luse reported for Reason, the legislation is the clearest chance in years to overhaul a system that has spun out of control.

Notably, virtually every House Democrat — including Reps. Dina Titus, Susie Lee and Steven Horsford from Nevada — opted for the current regulatory morass.

The proposal addressed problems with the National Environmental Policy Act, which passed in the 1970s to promote transparency, but has grown into an anchor that drags down public and private investment. Mr. Luse notes that even after Congress streamlined the act in 2021, the average environmental impact statement takes 2.4 years to complete. That number speaks for itself and does not reflect the many reviews that stretch far beyond that already unreasonable timeline.

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The SPEED Act tackles these failures head on. It would codify recent Supreme Court guidance, expand the projects that do not require exhaustive review and set real expectations for federal agencies that too often slow-walk approvals. Most important, it puts long-overdue limits on litigation. Mr. Luse highlights the absurdity of the current six-year window for filing a lawsuit under the Environmental Policy Act. Between 2013 and 2022, these lawsuits delayed projects an average of 4.2 years.

While opponents insist the bill would silence communities, Mr. Luse notes that NEPA already includes multiple public hearings and comment periods. Also, the vast majority of lawsuits are not filed by members of the people who live near the projects. According to the Breakthrough Institute, 72 percent of NEPA lawsuits over the past decade came from national nonprofits. Only 16 percent were filed by local communities. The SPEED Act does not shut out the public. It reins in well-funded groups that can afford to stall projects indefinitely.

Some Democrats claim the bill panders to fossil fuel companies, while some Republicans fear it will accelerate renewable projects. As Mr. Luse explains, NEPA bottlenecks have held back wind, solar and transmission lines as often as they have slowed oil and gas. That is why the original SPEED Act won support from green energy groups and traditional energy producers.

Permitting reform is overdue, and lawmakers claim to understand that endless red tape hurts economic growth and environmental progress alike. The SPEED Act is the strongest permitting reform proposal in years. The Senate should approve it.

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McKenna Ross’ top Nevada politics stories of 2025

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McKenna Ross’ top Nevada politics stories of 2025


The Silver State was plenty purple in 2025.

Nevada has long had a reputation for its libertarian tilt. Nowadays, partisanship leads many political stories. In top state government and politics stories of the year, some political lines were blurred when politicians bucked their party’s go-to stances to make headlines, while other party stances stayed entrenched.

Here are a handful of the biggest stories out of Nevada government and politics in 2025.

Film tax credit saga returns for parts 2 and 3

A large-scale effort to bring a film studio to Southern Nevada was revived — and died twice — in 2025. Sony Pictures Entertainment and Warner Bros. Discovery, who were previously leading opposing efforts to build multi-acre studio lots with tax breaks, joined forces in February to back one bill in front of the Nevada Legislature. They were joined by developer Howard Hughes Corp. in a lobbying push throughout the four-month session, then once again during a seven-day special legislative session in mid-November.

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The renewed legislation drew plenty of praise from union and business leaders and created an unlikely coalition of fiscal conservatives and progressives on the left against it. Proponents said the proposal would help create a new industry for Nevada, creating thousands of construction and entertainment industry-related jobs. Opponents criticized the billion-dollar effect it would have on the state’s general fund as a “Hollywood handout.”

In the end, the opposition won out. It passed the Assembly 22-20 in the last week of the regular session and received the same vote count during the special session — though six members switched their votes.

The state Senate voted on the proposed Summerlin Studios project only during the special session, where it failed because 11 senators voted against it or were absent for the Nov. 19 vote. Several lawmakers called out the intense political pressure to pass the bill, despite their concerns of how the subsidies would have affected state coffers.

Democrats fight to strengthen mail-in voting

The movement to enshrine mail-in voting in Nevada also stretched through both 2025 legislative sessions, as well as a federal Supreme Court case.

Democratic lawmakers sought to establish state laws around voting by mail, including about the placement of ballot boxes between early voting and Election Day and the timeline in which clerks had to count mailed ballots received after polls closed.

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Assembly Speaker Steve Yeager, D-Las Vegas, proposed a compromise with Republican Gov. Joe Lombardo through a bill expanding ballot drop box access in the run-up to Election Day and implementing voter ID requirements, but Lombardo vetoed the bill.

Democrats found a way during the special session, however. In the final hour before the session’s end on Nov. 19, Senate Democrats introduced and considered a resolution to propose enshrining mail-in voting in the Nevada Constitution via a voter amendment. The resolution must past the next consecutive session before it can go on the 2028 general election ballot.

This all comes as the U.S. Supreme Court weighs a case that could affect Nevada’s existing law that allows ballots postmarked on Election Day to be counted as late as 5 p.m. four days after Election Day.

Cyberattack on Nevada cripples the state for weeks

Nevada state government was crippled for four weeks in the late summer and fall when a ransomware attack was discovered in state systems in August.

Many state services were moved off-line to sequester the IT threats, leading to 28 days of outages after the Aug. 24 discovery of the ransomware attack. Those included worker’s compensation claims, DMV services, online applications for social services and a background check system.

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According to the after-action report, a malicious actor entered the state’s computer system as early as May 14. The threat actor had accessed “multiple critical servers” by the end of August. State officials emphasized that core financial systems and Department of Motor Vehicle data were not breached by the hackers.

The state did not pay a ransom, according to officials. Instead, it worked with external cybersecurity vendors to deal with incident response and recovered about 90 percent of affected data. That costed about $1.5 million for those contracts and overtime pay.

Budget woes leave state in status quo limbo

Financial uncertainty clouded Nevada state government throughout the year as the impact of federal purse-shrinking, uncertainty around the effect of Trump administration tariffs and the reduced tax revenue from a tourism slump persisted throughout 2025.

Nevada lawmakers passing the state’s two-year budget cycle were put in a tight spot when economic forecasts projecting state revenue were downgraded during the legislative session and ultimately passed a state budget that avoided funding multiple new programs.

Contact McKenna Ross at mross@reviewjournal.com. Follow @mckenna_ross_ on X.

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