Property values in Nevada can fluctuate widely.
And while the average home value in the state has risen by over $1,000 in the past few years, a large chunk of that increase has been driven by homebuyers who are increasingly choosing to move into lower-income neighborhoods.
In recent years, many properties in lower-end neighborhoods have seen an uptick in home values, but only the most desirable ones have seen significant increases.
The following chart shows the value of the median home in each of Nevada’s 95 metro areas over the past 10 years.
Source: Real Estate Board of Greater Reno, National Association of Realtors survey of real estate agents, data from the U.S. Census Bureau, and Zillow.com property listings.
The median home price in Reno’s metro area jumped by $2,947, while the median property taxes increased by $3,719 in that same time frame.
In Las Vegas, the median house price jumped by nearly $2 million, while median property tax increased by nearly the same amount.
In the Reno-Sparks area, the home price jumped almost $3 million, but median property levies decreased by almost $2.2 million.
Overall, median home values increased in Reno by nearly 16% between 2010 and 2020, while home values in Las Vegas increased by more than 25%.
Meanwhile, median property values decreased in Las a lva by about 8%.
The median price of a single-family home in Reno decreased by $7,000 between 2010-2016, while in Las vegas, it increased by just over $4,000.
However, the value for a single family home in the Las vega metro area increased by almost 8% between 2011-2016.
For homes with fewer than 20 units, the price of the home went up by about $1.8 million between 2010, when the median price was $1 million, and 2016, when it was $5 million.
For condos, prices went up $1-4 million between 2011 and 2016.
The biggest home price increases came in the San Juan metro area, where prices increased by over 50% between 2012 and 2016 while homes with less than 20 people increased by an average of nearly 8%.
While the metro area saw the largest increase in median home prices between 2011, when median prices were $1 and $2 mil, and the peak of the housing bubble, median prices increased in the other metro areas as well.
The metro areas with the largest decreases in median property prices between 2010 were: Las Vegas (-$5.3 million); Reno (-$2.9 million); Las Vegas and Reno-Pimlico (-$1.9 mil); and Las Vegas-Paradise (-$3.2 mil).
In Reno’s metropolitan area, median properties have decreased by over 1% between the beginning of 2010 and the end of 2016.
As a result, the area is one of the few metro areas in the country with median home sales prices in the middle of the pack.
As of July 2017, the average median home sale price in the metro areas was $216,400, which was the lowest median home purchase price in 2017.
Property values have risen in some areas over time.
Reno’s median property value increased by 10.9% from 2009 to 2020, which equates to an increase of nearly $1 billion.
In San Juan, the city saw an increase in property values by 5.6% between 2009 and 2020.
Las Vegas saw an average increase of 3.3% between 2007 and 2016 and an average decrease of 4.1% from the same period last year.
As we move into 2018, the next time we see a housing market collapse, we’ll likely see prices fall, especially in the more affordable areas.
For more information on property market trends and trends in Nevada, visit realty board.com.