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Posted on April 11, 2018 - 09:44 AM
by Frank Gargano
LAS VEGAS HOME APPRECIATION MAP BY ZIP CODE RELEASED
Every Zip Code in the Las Vegas Urban Valley Experienced an Increase
The final numbers for 2017 have been tallied. The much anticipated map of price appreciation by zip code has been released.
With the annual release of SalesTraq's 2017 Las Vegas Price Appreciation map, the residential research firm noted that prices continued to rise during the past year while economic fundamentals performed positively. The annual map indicates that every zip code within the urban Las Vegas valley posted positive price appreciation from the prior year.
In addition to a tight supply of resale homes on the market, the performance of the real estate market was boosted by impressive performances in key demand indicators. Clark County recently released its official population estimates for 2017 indicating the region reached a resident base of 2.25 million, which represented a 2.0 percent increase from the prior year. Importantly, the population gains translate into nearly five new residents to Southern Nevada every hour of every day during 2017. In addition, total employment expanded by 3.1 percent during 2017, which ranked as the fourth-fastest growth economy among the largest 35 metropolitan areas across the country.
The median resale home price across the Las Vegas valley during 2017 was $226,000, which was up a notable 13.1 percent from the $199,900 reported during 2016. During the final month of 2017, the median reported value was $238,000, which gained 17.8 percent from the $202,000 posted in December of 2016. The new home construction sector also posted positive returns in 2016, with the median price for the year reaching $349,512 (+7.4 percent) and $379,990 in the final month of the year (+11.7 percent). New home prices reached an all-time high in 2017.
The broader performance measures across the urban Las Vegas valley only tell part of the story. Different portions of the valley experience varying degrees of supply and demand. The pricing dynamics at the zip code level can provide additional insight into the performance of the Southern Nevada housing market. Consistent with recent years, zip codes with overall lower housing values have tended to report the higher rates of appreciation in percentages terms. Additionally, higher-end communities have tended to post lower rates of appreciation, but they remain closer to prior peak values experienced before the last economic downturn. Source: Salestraq
The data relating to real estate for sale on this web site comes in part from the INTERNET DATA EXCHANGE Program of the Greater Las Vegas Association of REALTORS® MLS. Real estate listings held by brokerage firms other than this site owner are marked with the IDX logo. GLVAR deems information reliable but not guaranteed.
Copyright 2018 of the Greater Las Vegas Association of REALTORS® MLS. All rights reserved.
Information last updated on 2018-07-21.