LAS VEGAS, NV – The prices of homes in North Las Vegas have doubled over the course of the past seven years according to a new study; a rate of growth that is one of the highest not only in the Las Vegas Valley, but the entire United States.
As per a new study released by Point2, the price of the average house in the city of North Las Vegas is currently $410,000. Not far behind in terms of home prices doubling within the span of time examined in the report is the city of Las Vegas itself, which took just a bit longer – seven years and one month, to be exact – to see home prices hit the point where they were 50 percent higher, with that number now being $430,000.
Point2 notes that, as far as price growth in the nation goes, North Las Vegas now ranks at number 10 and Las Vegas number 11; the two Southern Nevada cities occupy space on the report with other cities that have seen home values grow at similar rates, including Charlotte, North Carolina; Chandler, Arizona; and Cincinnati, Ohio.
Another Nevada city closely coming up behind North Las Vegas and Las Vegas is Henderson, which took eight years for home prices within its borders to double to $485,000. Other cities in Nevada have also shown exceptional growth in home values, although not to the degree of those already mentioned in this article. For example, it has taken Reno nine years to see prices double, with the average value there recently hitting $504,000.
As per a report by Redfin, home prices nationally continue to increase while new home listings continue to fall. The end of March saw the biggest decline in new home listings since January 2022, where they fell 6 percent from the previous month. Meanwhile, the median sale price of the average home in the United States as of April 21 was a record high of $383,725, a jump of 5.2 percent year-over-year.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.