LAS VEGAS (KTNV) — We now know which zip codes had the highest and lowest home price appreciation for 2019.
SalesTraq has released its annual Zip Code Price Appreciation Analysis. As the name implies, the report breaks it down by zip code.
Although the overall price appreciation rates were slower in 2019 than 2018, median prices in nearly ever zip code was higher than last year.
The median prices for new homes increased 1 percent on the year to $387,506 and resale values jumped 5.8% from 2018 ($273,500 median price). Median new home prices in 2019 hit an all-time high and resales prices remained below the prior peak of $285,000 reported in 2006.
Out of the 56 zip codes in the Las Vegas valley, 6 reported double-digit growth. This is down from 2018 when 49 zip codes posted double-digit growth. Additionally, 2 zip codes (89109 and 89119) posted a price decline in 2019.
Six zip codes showed double-digit growth in 2019:
89011 (11.3% -- $295,000)
89119 (11.8% --$215,000)
89101 (12.7% -- $200,000)
89030 (16.4% -- $177,00)
89086 (16.9% -- $299,500)
89169 (25% -- $175,000)
The top zip codes by price for 2019 were:
89138 (6.1% -- $492,700)
89135 (3.4% -- $434,595)
89052 (6.8% -- $395,000)
89044 (3.5% -- $367,500)
89012 (2.9% -- $349,900)
The median home price in the 89169 zip code, which had the most growth in appreciation, increased from $140,000 to $175,000 in 2019. The 89169 zip code includes the area around Las Vegas National Golf Course, Valley High School and Boulevard Mall. The fastest-appreciating zip codes in Southern Nevada have been located in the more mature portions of the valley in recent years.
The 89138 zip code with the highest median price is the Summerlin zip code nearest Red Rock Canyon National Conservation Area. The 2nd highest, 89135, includes Summerlin South and south towards Blue Diamond Road.
The six zip codes with the lowest appreciation rate growth in 2019 were:
89119, which is the area around McCarran International Airport, is the zip code that had the biggest change from 2018. The median home price decreased in that zip code by -7.6%.
Brian Gordon, Principal with SalesTraq, commented on the annual results, “Housing market conditions in Southern Nevada experienced increased stability during 2019, which is a welcome sign following the explosive growth of the mid- to late2010s. Overall price appreciation returned to more sustainable levels and sales volumes remained relatively healthy. While
pricing trends throughout the Las Vegas valley varied based on the supply-demand dynamics in any particular neighborhood, the broader trends are clear. The rate at which home prices are rising is more reflective of household income growth, and that is something residents should appreciate. While current rates of gain in home equity may not be generating tremendous new wealth for homeowners, it does mean that potential home buyers are not being priced out of the market as quickly as they once were. It will be important to monitor these conditions going forward, but from an analyst perspective, stability should be embraced as the market adjusts to something that looks like normal.”