Nevada State Bank’s Private Bank Report Reviews Nevada’s Luxury Housing Markets

Vegas Business Digest -

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The Private Bank by Nevada State Bank released the latest 2022 Issue 1 edition of its High Net Worth Report series. Median home prices in Nevada reached all-time highs in 2021 as demand remained high and mortgage interest rates remained near all-time lows for most of the year. Statewide, home prices increased by 23.0 percent in 2021, according to the Federal Housing Finance Agency’s House Price Index.

Highlights from the report include:

  • In Southern Nevada, the number of high-value home sales nearly doubled in 2021, increasing from 1,082 in 2020 to over 2,100 in 2021. The average sales price of these homes was $1.8 million in 2021.
  • Nearly two-thirds of all high-value home purchases in Southern Nevada occurred in neighborhoods in Summerlin and Henderson. Homes in these areas sold for an average of $1.9 million.
  • In Southern Nevada, more than one-third of luxury home sales were in the Summerlin area. The top-selling community was The Ridges with 135 closings, followed by Red Rock Country Club with 100.

To read the full report, please visit https://www.nsbank.com/private/resources/high-net-worth-report/

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