July 25, 2024
NSB’s Private Bank Report Explores Nevada's Luxury Housing Markets
LAS VEGAS – The Private Bank by Nevada State Bank released the latest edition of the High Net Worth Report series today. Issue 2 of 2024 provides a look at the luxury housing markets in Southern Nevada and Northern Nevada, including a summary of broad market-level trends in sales and prices by segment, as well as a focused look at the neighborhoods where luxury home sales of $1 million or more took place in 2023.
Highlights from the report include:
- In Southern Nevada, the volume of luxury home closings continued to hover near 2,100 for the third year in a row in 2023 with an average price of $1.9 million. At the top end of the spectrum, sales of homes over $5 million rebounded to 78 from 47 in the prior year.
- Summerlin and Henderson made up almost two-thirds of Southern Nevada luxury home sales. Sales prices in both markets averaged just under $2.0 million. Meanwhile, the two urban areas with the lowest sales volumes, the Resort Corridor and Northeast, saw the highest average prices of $2.1 million and $2.4 million, respectively.
- In Northern Nevada, the volume of luxury home closings dropped to 742, down 18.1 percent from 906 in 2022. The average sales price increased 9.7 percent over the year to $1.7 million.
- Over three-fifths of total luxury home closings in Northern Nevada were in the New Southwest and Incline Village/North Tahoe regions. Though the New Southwest saw an average price of $1.8 million, close to the area average, homes in Incline Village sold at an average price of $3.2 million, nearly double the area average.
“As mortgage interest rates remained at two-decade highs in 2023, many homeowners were disincentivized from selling their homes and replacing their lower-rate mortgages,” said James Rensvold, Executive Vice President and Director of Private Banking. “While the sub-3 percent interest rates of a few years ago are unlikely to return anytime soon, any reduction from today’s levels will likely be a positive for Nevada’s luxury housing market.”
The Private Bank’s High Net Worth Report is available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702-855-4596.
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 64 years. Zions Bancorporation, N.A. is included in the S&P 400 Mid-Cap and NASDAQ Financial 100 indices (NASDAQ: ZION).
For more information on Nevada State Bank, visit www.nsbank.com.
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