Median Price Of Las Vegas Homes Keeps Rising

Median Price Of Las Vegas Homes Keeps Rising

Median Price Of Las Vegas Homes Rises 8.1 Percent In 2016

The biggest jumps in median resale prices last year tended to be in older, more centrally located areas of the valley, according to a new report from Applied Analysis’ residential research arm, SalesTraq.

West of downtown around Washington Avenue and Martin Luther King Boulevard, the 89106 ZIP code posted the fastest price growth, climbing 22.8 percent from 2015. That was followed by ZIP code 89146, around Sahara Avenue and Jones Boulevard, at 17.5 percent, and 89030, around Cheyenne Avenue and Interstate 15, at 16.3 percent.

Despite older areas’ growth rates, the highest prices are in the outer suburbs, mostly in and around such master-planned communities as Summerlin, which runs along the valley’s western rim, and Anthem, in southern Henderson. Moreover, areas with the fastest-climbing prices also have above-average rates of empty — and possibly abandoned or bank-owned — homes.

Some 6.2 percent of homes in 89106 were vacant as of the third quarter, second-highest among ZIP codes in the Las Vegas Valley and nearly triple Southern Nevada’srate of 2.1 percent.

The median sales price of previously owned single-family homes — the bulk of the market — has more than doubled since hitting bottom in early 2012,reaching $238,000 last month. But it remains well below the peak of $315,000 in mid-2006, during the housing bubble, according to Greater Las Vegas Association of Realtors data.

The highest median sales price last year, $365,000, was in the 89138 ZIP code, west of the 215 Beltway around Alta Drive in Summerlin.

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Dated: February 27th 2017
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