Las Vegas, NV – The Private Bank by Nevada State Bank released the latest edition of the High Net Worth Report. Issue 2 of 2023 provides a look at the luxury housing markets in Southern Nevada and Northern Nevada. This issue includes a summary of broad market-level trends in sales and prices by segment as well as a focused look at the neighborhoods where luxury home sales ($1 million or more) took place in 2022.
Highlights from the report include:
- In Southern Nevada, luxury home sales activity held steady with 2,130 closings, with an average of $1.8 million. At the higher end, the number of sales over $5 million decreased from the record high of 70 in 2021 to 47 in 2022, with the average sales price increasing slightly to $7.7 million.
- The Resort Corridor had the highest average sales price of any area in Southern Nevada, with an average price of $2.1 million across 73 sales. Summerlin and Henderson were close behind, with respective average prices of $1.8 million and $1.9 million across 1,291 combined sales.
- In Northern Nevada, the number of luxury home purchases dropped slightly, with significant declines in top-selling areas such as New Southwest and Incline Village. Luxury sales in developing areas such as New Southeast and New Northwest increased 71.3 percent and 49.3 percent, respectively, in 2022.
- Just over half of all luxury home purchases in Northern Nevada took place in the New Southwest and Incline Village neighborhoods. The average sales price for homes in Incline Village was $2.8 million, down 12.7 percent from 2021, but still much higher than New Southwest, the second highest-priced area with an average sale price of $1.7 million.
“Despite concerns over inflation and recession, Nevada’s real estate market has remained strong through 2022,” said James Rensvold, executive vice president and director of Private Banking. “Sales volume and sales price in both major markets stayed close to 2021 values. After the record highs of 2021, home sale volumes leveled off in the latter half of 2022 as interest rates climbed, a trend expected to continue into 2023 as national mortgage rates remain above 6 percent.”
The Private Bank’s High Net Worth Report is available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702.855.4596.
