The Private Bank by Nevada State Bank released the latest edition of its High Net Worth Report series today. Issue 1 of 2021 provides a summary of trends in the luxury housing markets in Southern Nevada and Northern Nevada. This issue includes an analysis of broad market-level trends in sales and prices as well as a more focused look at the neighborhoods where these high-value transactions took place in 2020.
Highlights from the report include:
– In Southern Nevada, the number of high-value home purchases increased by 226 sales over 2019, up to 1,082 in 2020. The average sales price of these homes was $1.8 million in 2020.
– A large number of high-value home purchases in Southern Nevada occurred in neighborhoods in Summerlin and Henderson, with the two areas combining for almost 70 percent of luxury home closings in 2020.
– In Northern Nevada, the number of high-value home sales increased by almost 50 percent over the previous year, up from 418 in 2019 to 625 in 2020. The average sales price for these homes was $2.1 million in 2020.
– About 87 percent of Northern Nevada sales in 2020 took place in neighborhoods located southwest of Reno or in Incline Village. The average sales price for homes in Incline Village was $2.8 million in 2020.
“During an unprecedented year, Nevada’s residential real estate markets sustained positive growth as market factors remained favorable in 2020,” said James Rensvold, Executive Vice President and Director of Private Banking. “Although the impact of the COVID-19 pandemic continues to be an ongoing concern for the economy, the luxury real estate markets in Nevada have shown little sign of slowing so far in 2021.”
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