Home Value Trends in Nevada

Home Value Trends in Nevada

It's hard to get away from hearing media and industry experts talking about the real estate bubble, increasing or decreasing median home value prices and falling home sales.� The nation's real estate mar

ket has certainly changed rather drastically over the past year or so and has managed to become a common hot topic across the states.� Of course if you're looking to buy or sell a home, knowing the median home value across the nation, or whether the west coast is doing better than the easy coast in number of sales isn't really going to help you make a decision.� (But in case you're curious, the average home value in the US in 2006 was about $221,900).� To get an idea of your home value and make a decision on whether to move, you need to dig into the specifics of the state of the market and the attractions the area you're interested in has to offer.

Nevada is probably best known for the dynamic city of Las Vegas, the city of Sin, though it's capital is the slightly less well known Carson City.� Home value averages and home sales have been pretty steady if not booming for a state with so much to offer.� Whether moving to Nevada permanently or just visiting, the state has something

for everyone: cultural attractions, wildlife and nature attractions, winter activities, historic sites, etc.� There's the Las Vegas life: visiting the Hoover Damn, taking in museums, zoos, and aquariums during the day, while taking advantage of the grand casinos, shows and clubs at night (because after all, what happens in Vegas stays in Vegas).� The Sierra Nevada range in the Reno-Lake Tahoe area is one of the best places to ski and partake in other winter activities.�� With so many varied attractions, and with such high profits from casinos, it's no wonder that Nevada home value prices haven't been affected TOO drastically in the deflation of the housing bubble.

Nevada's economy is a strong mix of agriculture (mainly cattle, hat, dairy products and potatoes) and industry services, such as tourism (a big one for them), mining, printing and publishing, food processing and electric equipment.� With a population of nearly 2.5 million, Nevada has a low unemployment rate of about 4.4% for 2007, coming closer and closer to their all time historical low in May of 2006 at 4.1%.� The average household income in Nevada in 2005 was about $48,496 (currently, it's probably very close to $50,000) while the average home value for an 1800 square foot single family home is a little over $330,000.� As with most parts of the country, home value prices were rising faster than household incomes, though according to many real estate agents in Nevada, that is beginning to balance somewhat as home value prices level out as a correction to the post-bubble era.�

That means that sellers are beginning to lower their prices and it's a great time to buy in Nevada.� Since the state has attractions and climate for everyone (ranging from the wintry Sierra-Nevada region to the deserts surrounding Vegas), it's all a matter of choosing the best location for you.� Las Vegas has greater economic development than anywhere in America, so there are plenty of jobs available in that area.� Home value averages have fallen since June of last year, when the median home value sale price was about $319,000 (with the list price usually about $324,000).� In April of 2007, that median home value sale price has moved down to $304,000 making homes in the booming city of Vegas much more affordable and proving that the housing bubble did not burst, but rather deflated as things leveled out.� It is very much a buyers' market in Nevada.

According to the Las Vegas Review Journal, new residents, total employment and visitor volume have all increased since this same time last year.� New home sales, average home value prices and existing home sales however, have decreased quite a bit (existing home sales are down 40.7% since last year!).� All this really means is that like most states, Nevada's real estate market is leveling out, home value prices are leveling out, and though you'd still see a return on investment if you sell, Nevada is definitely experiencing a market that favors buyers at this point in time.

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