LAS VEGAS (KTNV) — SalesTraq has released its 2018 Las Vegas Price Appreciation maps and a zip code in southeast Las Vegas showed the biggest increase for 2018.
In Southern Nevada, the population base continues to expand by nearly 4,000 residents on a net basis each month, which supports demand within the housing market. For the 2nd year in a row, every zip code within urban Las Vegas reported year-over-year increases in median resale home prices.
During the final month of 2018, resale home prices increased 9.2 percent from the prior year, reaching $260,000. When all resale transactions during the full year of 2018 are considered, the median price reached $258,500, which represented a 14.4 percent increase from 2017.
The new home sector performed similarly during the past year. During the final month of 2018, the median new home price reached an all-time high of $410,000, which reflected an increase of 7.9 percent from the same month of the prior year. The median new home price for the entirety of 2018 reached $383,714, an increase of 9.8 percent from 2017.
The top appreciating area was located in the heart of the Las Vegas valley in 89119, which experienced a gain of 29.8 percent ($185,000 in 2018 versus $142,500 in 2017). Price appreciation in this particular zip code was more than double the broader Las Vegas valley average.
Out of the 56 urban valley zip codes included in the analysis, 49 reported double-digit growth rates. Only 7 zip codes had double-digit growth rates in 2017.
During 2018, there were no zip codes in the urban Las Vegas valley that posted a price decline.
Based on 2018 median home prices, homes in the 89138 zip code, which is located entirely within the Summerlin master-planned community, reported the highest value across the urban valley’s 56 zip codes. This was the fourth-consecutive year holding the top spot.
Henderson also did quite well in 2018. The third, fourth and fifth top-priced zip codes are all located within Henderson.
Brian Gordon, Principal with SalesTraq, commented on the annual results, “The Southern Nevada housing market’s performance during 2018 demonstrates the strength of the local economy. During the past year, residential sales closing volumes remain elevated, prices escalated and inventory levels remained in check. Despite the impressive performance, the recent pace of overall price appreciation is unsustainable over the long run. This is not to suggest that prices declines are imminent, rather the rate of price appreciation will likely slow. In addition, master planned residential communities are expected to remain top of mind for prospective buyers with higher-than-average household incomes given the quality of design, abundant amenities and sense of community they often encompass. Neighborhoods that offer more competitive price points in more mature portions of the valley are also expected to continue to be sought out by many homebuyers as the inventory of homes available to middle-income families is rapidly shrinking.”