April 19, 2021
High Net Worth Report Summarizes Luxury Housing Trends of Past 12 Months
LAS VEGAS – 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 on 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.”
The Private Bank’s High Net Worth Report is available on Nevada State Bank’s website at www.nsbank.com/HNWreport. 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 (@nevadastatebank)
Nevada State Bank is a full-service bank offering a complete range of consumer, private, and business banking services, as well as wealth management services, with a robust statewide branch network. 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 63 years. Zions Bancorporation, N.A. is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION). For more information on Nevada State Bank, visit www.nsbank.com.
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