Las Vegas Appreciation Rates by Areas
[Image generated with Dall-E]
Clients frequently ask about the appreciation rates for the different areas of Las Vegas. I will use the charts provided by the Las Vegas Realtor Association MLS to show comparable trends.
Below are two charts showing the median $/SF over the past ten years for single-family homes priced between $150,000 and $500,000, with a size between 1,000 and 3,000 SF. This is the configuration that roughly matches our target property profile.
The MLS statistics tool allows a maximum of four areas, so two carts with different areas are below.
The first chart contains:
- Entire MLS: These properties have the same basic parameters as the other areas but include the entire metro area.
- 89123 & 89183: This includes the area referred to as Silverado Ranch.
- Green Valley & Green Valley Ranch: This is the area commonly referred to as Green Valley.
- Summerlin: An area on the west side of Las Vegas commonly referred to as Summerlin.
The second chart contains:
- Entire MLS: These properties have the same basic parameters as the other areas but include the entire metro area.
- Centennial Hills: An area on the northwest side of Las Vegas.
- Summerlin: An area on the west side of Las Vegas commonly referred to as Summerlin.
- Green Valley & Green Valley Ranch: This is the area commonly referred to as Green Valley
Based on the two line charts above, it's evident that all our target areas perform similarly. Below is a summary table displaying ten-year performance, followed by area maps and more detailed performance information.
- Summerlin area: 114.29%
- Green Valley and Green Valley Ranch: 130.43%
- Silverado: 135.85%
- Centennial Hills: 132%
- Entire MLS: 122.64%
Area Maps and Performance
Summerlin area
- January 2024: $270/SF
- January 2014: $126/SF
- Growth over the last ten years: ($270 - $126)/$126 = 114.29%
Green Valley and Green Valley Ranch
- January 2024: $265/SF
- January 2014: $115/SF
- Growth over the last ten years: ($265-$115)/$115 = 130.43%
Silverado
- January 2024: $250/SF
- January 2014: $106/SF
- Growth over the last ten years: ($250 - $106)/$106 = 135.85%
Centennial Hills
- January 2024: $232/SF
- January 2014: $100/SF
- Growth over the last ten years: ($232-$100)/$100 = 132%
Entire MLS
- January 2024: $236/SF
- January 2014: $106/SF
- Growth over the last ten years: ($236-$106)/$106 = 122.64%
Summary
The results surprised me. For our target property segment, Silverado area had the fastest growth, not Summerlin or Green Valley as I expected. Of course, past performance does not guarantee future performance, but this is still very interesting to note.
