Southern Nevada home prices rose at one of the fastest rates in the country last year amid a growing population and strengthened job market. According to a new report from SalesTraq, the residential research arm of consulting firm Applied Analysis, resale prices climbed in 2018 in every ZIP code in the valley for the second year in a row, and they rose fastest in more centrally located areas — which tend to have older homes and lower prices.
The findings mirror the past few years’ results, showing that as prices push higher, areas with less-expensive offerings are drawing strong demand.
“Residents are simply looking for more affordable” homes, said Brian Gordon, co-owner of Las Vegas-based Applied Analysis
The highest resale prices were on the valley’s outer edges, and growth rates there were typically slower than average, with a glaring exception. In Summerlin, the 89138 ZIP code around Alta and Desert Foothills drives had the top median price, $464,500, and the 11th-fastest growth rate from 2017, 20.6 percent.