Las Vegas home values rise faster than US in ‘16, report says
Las Vegas home values ended 2016 rising faster than the national average.
The median estimated home value in the Las Vegas area in December was $215,400, up 9.8 percent from a year earlier, according to a report Thursday by home-listing service Zillow.
Nationally, the median home value last month was $193,800, up 6.8 percent year-over-year.
Among the 35 metro areas listed in Zillow’s report, San Jose, California had the highest median value last month, at $963,700, and Cleveland had the lowest, at $130,700.
Portland, Oregon, posted the fastest rise in home values, at 13.8 percent, while Indianapolis climbed the slowest, at 2.1 percent, Zillow reported.
Still, property values rose year-over-year in every metro listed, and Las Vegas’ rate was seventh-fastest.
Overall in Southern Nevada, buyers last year picked up 41,720 previously owned houses, condos and townhomes, up 8 percent from 2015, according to the Greater Las Vegas Association of Realtors.
Among previously owned single-family homes — the bulk of the market — the median sales price in December was $235,000, up 8.3 percent from a year earlier, the GLVAR reported.