Nevada is a state which brings to mind the glamour and glitz of Las Vegas. There is more to Nevada than the excitement of Las Vegas however, and many people are discovering what Nevada natives have known for a long time. Nevada is a good place to live, with a thriving economy and an expansive housing market. The US census in 2002 showed that there were 901,597 total housing units in Nevada. The home ownership rate in the state is lower than average, at 60.9% in the 2000 census, compared with the national average that year of 66.2%. The price of homes in Nevada are higher than you might find elsewhere in the country, owner occupied homes being listed in the 2000 census as having a median value of $142,000. The national average median value of a home that year was $119,600. Although homes cost more, people in Nevada tend to make more money. The median household income in 1999 was $44,581, compared to the national average of $41,994. So while homes may cost more, people can afford them as well.
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With what looks to be good news for buyers, home prices in Las Vegas continued their downward slide in February. Home prices have lowered to a median of $309,000, based on 1,787 sales. These numbers are from figures provided by the Greater Las Vegas Association of Realtors.
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Housing markets have been yo-yoing lately, with prices that peaked at $312,500 in December and then retreated to $310,000 in January. The fluctuations have prompted local housing analysts to predict single-digit appreciation rates this year compared with 40 percent in 2004 and 20 percent in 2005.
Comparing December, January and February prices is delicate work because there hasn’t been much movement in that time. February’s median is up 8 percent from the same month a year ago.
The number of new listings hitting the market in February fell 6.9 percent to 5,214, although the total number of listings rose 7.2 percent to 17,675. This is still good news for the market, with about three-fourths of the homes selling within 90 days and nearly 60 percent selling within 60 days.
The statistics from the Greater Las Vegas Association of Realtors are based on records from the Multiple Listing Service. Therefore they do not necessarily account for newly built homes sold by local builders or transactions that do not involve a Realtor.
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