The Private Bank by Nevada State Bank released the latest edition of its High Net Worth Report series today. Issue 1 of 2020 provides a review of the luxury housing markets in Nevada in both Northern and Southern Nevada. This issue includes an analysis of current trends in these two luxury home markets as well as a review of the neighborhoods in which these high-value transactions took place in 2019.
Highlights from the report include:
• Southern Nevada saw the number of high-value home purchases rise to 851 in 2019, a 15.6 percent increase over the number of similar home purchases the previous year. The average price of these homes was $1.7 million in 2019.
• A large number of luxury home purchases in Southern Nevada were in expanding areas of Summerlin and Henderson. The distribution of new and existing home sales was consistent with 2018, demonstrating home builders’ generally positive outlook on the real estate market overall.
• The high-value real estate market in Northern Nevada accounted for 418 home sales in 2019, an increase of 4.8 percent over 2018. The average luxury home price was over $1.8 million in 2019.
• A large number of Northern Nevada home purchases over $1 million took place in high-end areas north of Lake Tahoe on the Championship Golf Course, Ponderosa and Lakefront neighborhoods (153 total sales in Incline Village).
“Nevada saw sustained economic growth in 2019, leading to another increase in luxury home purchases in the state’s two largest urban areas,” said James Rensvold, Executive Vice President and Director of Private Banking. “Although the COVID-19 pandemic has deeply affected our economy, the positive trends of 2019 provide reason for optimism through the crisis and into the future.”
About The Private Bank by Nevada State Bank
The Private Bank by Nevada State Bank provides a full range of personalized financial services for high net worth and high-income clients.
About Nevada State Bank
Nevada State Bank, a division of Zions Bancorporation, N.A., is celebrating its 60th anniversary this year. Founded on Dec. 9, 1959, the full-service bank offers a complete range of consumer, private, and business banking services. Nevada State Bank’s colleagues regularly volunteer in their communities and have been dedicated to helping make Nevada a better place to live for the last 60 years. Zions Bancorporation, N.A. is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION).
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