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Luxury Home Sales Increased Dramatically in 2020 in Northern Nevada

Luxury Home Sales in Las Vegas.jpgA look at luxury home sales in Northern and Souther Nevada over the past five years, according to the Private Bank by Nevada State Bank, including new and resale transactions with sale prices above $1 million. Courtesy: Nevada State Bank

The Private Bank by Nevada State Bank released the latest edition of its High Net Worth Report series this month, providing a summary on trends in the luxury housing markets in Southern Nevada and Northern Nevada. Highlights from the report, released April 19, 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.
  • In Northern Nevada, the YOY increase was nearly 50% — up from 418 in 2019 to 625 in 2020. The average sales price for these homes was $2.1 million in 2020.
  • About 87% of Northern Nevada luxury sales 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.
  • In the south, a majority of luxury home buys occurred in neighborhoods in Summerlin and Henderson, with the two areas combining for almost 70% of luxury home closings in 2020.

“During an unprecedented year, Nevada’s residential real estate markets sustained positive growth as market factors remained favorable in 2020,” James Rensvold, Executive Vice President and Director of Private Banking for NSB, said in a statement. “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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