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 trying 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 trying to transfer, a report by Realtor.com discovered.
The evaluation of housing information by Realtor.com discovered that in 2025, nearly 43% of views of on-line listings within the Reno space got here from customers in California metropolitan areas, which the outlet stated was the very best share within the historical past of the information 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%.
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Reno has emerged as a well-liked locale for Californians trying to transfer, surpassing Las Vegas in line with a Realtor.com evaluation. (iStock)
“The information means that Reno has lengthy been widespread with California house customers, and its recognition is constant to develop maybe on account of its relative affordability and decrease price of residing,” stated 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 customers from inside the native market, who accounted for simply over 30% of itemizing views.
In contrast, properties listed in Las Vegas had 38% of their views got here from inside the metro space and surpassed these from customers in California by greater than 12%.
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The Truckee River flows by way of downtown Reno, Nevada. (Andri Tambunan/AFP by way of Getty Photos)
Reno is named “the Largest 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 gentle compared to that of Las Vegas, which endures scorching temperatures in the summertime months.
Very similar to Sin Metropolis additional south in Nevada, Reno is house to casinos and has a major playing business. Nevertheless, the area’s financial system is diversified and main employers within the Reno metro space embrace Tesla and Panasonic in addition to Caesars Leisure.
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Reno’s housing market and metro space is considerably smaller than that of Las Vegas. (iStock)
The median house itemizing value in Reno was $636,800 in February, a rise of over 11% from a 12 months in the past, in line with the Realtor.com report. Median costs in Las Vegas have been decrease at $464,950 and have been down 1.1% from the prior 12 months amid a 23% improve in stock.
Consultants instructed Realtor.com that the pricing disparity was largely on account of market measurement, 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.
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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 revenue tax, which makes it an interesting vacation spot for homebuyers trying to protect extra of their revenue. It additionally has grow to be widespread amongst high-earning Californians who could possibly be affected by a proposed wealth tax.
