Home prices have doubled in past 7 years in this Las Vegas Valley city
North Las Vegas home prices have doubled in the past seven years, one of the highest increases in the valley and the entire country, according to a new study.
The average house in the city of North Las Vegas now sits at $410,000, according to a Point2 study, and similarly it took seven years and one month for home prices in the city of Las Vegas to double to $430,000.
This places the cities of North Las Vegas and Las Vegas at Nos. 10 and 11, respectively, in the nation for overall price growth on par with such cities as Charlotte, North Carolina; Chandler, Arizona; and Cincinnati, Ohio.
But Henderson was not far behind its two Clark County brethren, as it only took eight years for housing prices to double in that city to $485,000. Prices climbed at a slightly slower pace in Reno, as it has taken nine years for housing prices to double, and Reno’s average home price also recently hit a milestone last year as the benchmark home price now sits at $504,000.
Madison, Wisconsin, came in first on the list as home prices doubled there in 7.9 years.
The Las Vegas Review-Journal reported last year that North Las Vegas’ share of homes that were owned by corporate landlords, according to UNLV research, was somewhere around a quarter of the entire housing stock, compared to 15 percent of all of Clark County. Reports show institutional investors, corporate landlords and Wall Street-backed hedge funds may own 40 percent of the entire U.S. housing stock by 2030.
Redfin recently reported that nationally, new listings continue to drop while prices continue to rise. New listings dropped 6 percent month over month to end March, the biggest decline since January 2022, and that the median U.S. home-sale price, as of April 21, has hit a record high of $383,725, which is a 5.2 percent jump from a year earlier.
Las Vegas’ once red-hot residential real estate market appears to have cooled off as it didn’t make Redfin’s top five in the United States in the three biggest statistical categories: median sale price, pending sales and new listings.
Last year, the Las Vegas Valley had its worst year for residential sales since the Great Recession started in 2008; however, sales remain sluggish to start 2024 while prices in the area remain elevated.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
