Nevada Housing Market Update for September 2021
Summary of Findings
The Las Vegas metropolitan area and Laughlin saw the most robust growth in single-family home prices of any major region in Nevada as prices increased 19.6 percent year over year in both regions. Mesquite saw the lowest gains in prices as prices increased 1.6 percent year over year.
All regions within the Las Vegas metropolitan area saw existing home prices increase at least 9 percent year over year. Summerlin saw the largest year-over-year increase in existing single-family home prices as prices increased 26.2 percent year over year and average prices were $788,000.
Within the Las Vegas metropolitan area, Boulder City has the highest price per square foot for existing single-family homes at $295. Summerlin has the next highest price per square foot at $281. North Las Vegas has the lowest price per square foot at $206.
Average new listing prices for single-family homes were up 23 percent in the Las Vegas metropolitan area. Within the Las Vegas metropolitan area, Henderson saw the largest year-over-year increase in average new listing prices as prices increased 26 percent in that region.
Time on the market decreased by more than 25 percent year over year in the Las Vegas metropolitan area. Single-family home sales spent an average of about 52 days on the market.
Existing condominium prices were up 23.8 percent year over year in the Las Vegas metropolitan area.
Within the Las Vegas metropolitan area, Summerlin condominiums saw the most robust growth in prices as prices increased 51 percent year over year.
Nevada Housing Market Update – September 2021 – New Single-Family Homes and Condos
New single-family home prices saw a month-to-month decrease for the first time since April 2021. New home prices have increased between 5 to 10 percent year over year for four consecutive months.
Price per square foot for new single-family homes also saw a month-to-month decrease. Price per square foot continues to see much more robust year over year growth than overall price as price per square foot was up nearly 30 percent year over year.
New condominium prices increased on a month-to-month basis after seeing a decrease last month. On a year-over-year basis, overall price and price per square foot were up over 30 percent.
Nevada Housing Market Update – September 2021 – Existing Single-Family Homes and Condos 
Average existing single-family home prices decreased on a month-to-month basis for the first time since March 2020. Year over year price appreciation was over 19 percent for the fifth consecutive month.
Existing single-family home sales increased on a year-over-year basis by 7 percent. This was the first time since February 2021 where sales did not increase by more than 10 percent year over year.
Price per square foot and overall price for condominiums were up 20 percent year over year.
Nevada Housing Market Update – September 2021 – REO
REO sales have consistently been lower than their prerecession value over the last nineteen months. There were only 2 REO sales during September 2021.
Average Days on Market
Time on the market saw a month-to-month increase for single-family homes and a month-to-month decrease for condominiums. Single-family homes spent an average of 52 days on the market while condominiums spent an average of 57 days on the market.
Average New Listing Price by Housing Type
New single-family listings saw a year-over-year increase of 3.6 percent. This was the first time since March 2021 where new listings did not experience a year-over-year increase of more than 10 percent.
New condominium listings increased 3.5 percent year over year.
Average new listings prices have increased by more than 10 percent year over year for six consecutive months for both single-family homes and condominiums.
Top 5 Zip Codes in Average Existing Home Price
#1: 89135 at $976,300
#2: 89004 at $875,000
#3: 89052 at $744,700
#4: 89138 at $737,000
#5: 89012 at $679,200
Bottom 5 Zip Codes in Average Existing Home Price
#1: 89030 at $234,330
#2: 89101 at $235,770
#3: 89106 at $257,330
#4: 89115 at $267,670
#5: 89104 at $298,000
Top 5 Zip Codes in Average Existing Price Year Over Year Growth
#1: 89107 at 41%
#2: 89169 at 37%
#3: 89052 at 34%
#4: 89129 at 33%
#5: 89074 at 33%
Bottom 5 Zip Codes in Average Existing Price Year Over Year Growth
#1: 89149 at 9%
#2: 89004 at 9%
#2: 89139 at 10%
#3: 89044 at 10%
#4: 89011 at 11%
To read the entire report for August 2021, please click on the link: Lied Center for Real Estate Full Report
For more information on The Lied Center for Real Estate at UNLV please click the link: Lied Center for Real Estate
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