The small house in central Las Vegas stands out a bit because of its salmon-colored exterior but otherwise fits right in with the neighborhood of older, low-slung homes.
Since the recession, its value has also shot up — but that’s not much of an anomaly either.
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.
The 89119 ZIP code, around McCarran International Airport, had the top price growth in the valley at 29.8 percent. That was followed by the 89146 ZIP code, around Sahara Avenue and Jones Boulevard, at 25 percent, and the 89030 ZIP code in North Las Vegas, around Las Vegas Boulevard and Carey Avenue, at 24.6 percent, SalesTraq found.
Southern Nevada likes to tout its relatively cheap home prices, especially compared with places like Southern California and the San Francisco Bay Area. But amid affordability concerns — sparked by fast-rising values and higher mortgage rates — sales totals have tumbled in Las Vegas, and the once-depleted inventory of available listings has soared.
Overall in the valley, the median resale price last year was $258,500, up 14.4 percent from 2017, and 47,875 previously owned homes traded hands, down 2.8 percent, SalesTraq reported.
Price growth has “started to slow a bit,” Gordon said, but they are still soaring in some parts of town.
The salmon-colored house at 109 Woodley St., near Rancho Drive and U.S. Highway 95 in the 89106 ZIP code, for instance, has traded hands multiple times in recent years. It was purchased at a foreclosure auction in 2010 for just $49,100, but most recently sold for $235,000 in October, property records show.
Realty One Group agent Jeff Prenger said he is selling a house down the street, at 215 Woodley St., for “pretty much” the asking price, around $275,000. The current owner bought the home at a foreclosure auction last year for $150,300, property records show.
Prenger said he heard from a neighbor that the house had been empty for four or five years and had squatters. The home was boarded up, and the buyer who picked it up last year put in new flooring, paint, lighting and toilets, as well as a new roof, he said.
Prenger said he has had a handful of listings in the area over the past several years and seen several transactions, including by investors and regular occupants.
“It’s always been a good area,” he said.
Top ZIP Codes
Here are the top ZIP codes in the Las Vegas Valley for prices and price growth
Median sales price, 2018
Price growth, 2017 to 2018