O’Leary Ventures Chairman Kevin O’Leary joins Varney & Co. to weigh in on California’s proposed billionaire tax, the rising wealth exodus from blue states and why America is falling behind China within the AI energy race.
A brand new hotspot has emerged for homebuyers seeking to go away California, and it is outdrawing a bigger and extra well-known metro space inside its state within the course of.
Reno is the second-largest metropolitan space within the state of Nevada and has surpassed Las Vegas, the Silver State’s largest metropolis, as a extra enticing vacation spot for Californians seeking to transfer, a report by Realtor.com discovered.
The evaluation of housing information by Realtor.com discovered that in 2025, virtually 43% of views of on-line listings within the Reno space got here from customers in California metropolitan areas, which the outlet mentioned was the best share within the historical past of the info sequence relationship again to 2019.
In contrast, about 25% of views of Las Vegas space listings got here from California metros, a lower from a 2023 peak of 27%.
AMERICA’S 10 MOST EXPENSIVE ZIP CODES REVEALED
Reno has emerged as a well-liked locale for Californians seeking to transfer, surpassing Las Vegas in response to a Realtor.com evaluation. (iStock)
“The information means that Reno has lengthy been fashionable with California residence buyers, and its reputation is constant to develop maybe as a consequence of its relative affordability and decrease price of dwelling,” mentioned Realtor.com senior financial analysis analyst Hannah Jones.
Jones famous that in 2025, Reno introduced in additional potential homebuyers from areas all through the state of California than buyers from throughout the native market, who accounted for simply over 30% of itemizing views.
In contrast, houses listed in Las Vegas had 38% of their views got here from throughout the metro space and surpassed these from buyers in California by greater than 12%.
AMERICAN HOMEBUYERS GAIN MOST PURCHASING POWER SINCE 2022
The Truckee River flows by way of downtown Reno, Nevada. (Andri Tambunan/AFP by way of Getty Photographs)
Reno is called “the Greatest Little Metropolis within the World” and is positioned close to Nevada’s border with California, near Lake Tahoe and the Sierra Nevada mountains in addition to metro areas in Northern California. Its local weather is comparatively delicate compared to that of Las Vegas, which endures scorching temperatures in the summertime months.
Very like Sin Metropolis additional south in Nevada, Reno is residence to casinos and has a big playing business. Nonetheless, the area’s financial system is diversified and main employers within the Reno metro space embody Tesla and Panasonic in addition to Caesars Leisure.
US HOME PRICES ARE RISING – BUT THESE FAST-GROWING MARKETS REMAIN AFFORDABLE
Reno’s housing market and metro space is considerably smaller than that of Las Vegas. (iStock)
The median residence itemizing value in Reno was $636,800 in February, a rise of over 11% from a 12 months in the past, in response to the Realtor.com report. Median costs in Las Vegas had been decrease at $464,950 and had been down 1.1% from the prior 12 months amid a 23% improve in stock.
Consultants informed Realtor.com that the pricing disparity was largely as a consequence of market dimension, with Reno being a lot smaller and having a extra restricted provide of homes. That may translate to bigger will increase in costs when demand rises.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Regardless of the disparity, Bay Space residents taking a look at Reno will discover less expensive homes than what they’re used to in locations like San Francisco, which had a median value of $907,000, in addition to San Jose with its $1.35 million median value.
Nevada additionally lacks a state earnings tax, which makes it an interesting vacation spot for homebuyers seeking to protect extra of their earnings. It additionally has grow to be fashionable amongst high-earning Californians who may very well be affected by a proposed wealth tax.
