A new analysis of the Las Vegas housing market shows that home values rose throughout the valley during 2018, with the median price of new homes rising 9.8 percent and the price of resold homes climbing 14.4 percent over 2017.
In an annual report, real estate analyst SalesTraq said the median sales price of new homes jumped nearly $35,000 to $383,714, while the price of resold homes increased $32,500 to $258,500. But the number of resales dipped 2.8 percent to 47,875, while sales of new homes increased 13.8 percent to 9,944.
A comparison of home values in every ZIP code in the valley revealed no surprises in prices, with Summerlin and Henderson leading the way. The two highest values were both in Summerlin — the 89138 ZIP code, with a median price of $464,500, and the 89135 code, with a value of $420,500. The Nos. 3 to 5 codes were all in Henderson.
Meanwhile, areas in the central and northern valley continued a longstanding trend of posting the highest percentage values in increases. That’s largely because home values in those areas are significantly lower than those south and west, meaning they’re more significantly affected by increases in prices. For instance, the 89030 ZIP code posted an increase of 24.6 percent after the median price rose slightly over $30,000. But adding $30,000 to the price in the 89138 ZIP code would have raised the percentage value just 7.7 percent in that area.