The Private Bank by Nevada State Bank released the latest edition of its High Net Worth Report series in mid-April.
This issue includes 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 ($1 million or more) took place in 2021.
Highlights from the report include:
• In Northern Nevada, the number of luxury home purchases climbed by 360 in 2021, a 57 percent increase over the prior year. On average, homes in this segment in Washoe County sold for $2 million.
• Overall, about two-thirds of all luxury home purchases in Northern Nevada took place in neighborhoods located southwest of Reno or in Incline Village. The average sales price for homes in Incline Village was $3.2 million in 2021.
• In Southern Nevada, the number of high-value home sales nearly doubled in 2021, increasing from 1,082 in 2020 to over 2,100 in 2021. The average sales price of these homes was $1.8 million in 2021. Nearly two-thirds of all high-value home purchases in Southern Nevada occurred in neighborhoods in Summerlin and Henderson. Homes in these areas sold for an average of $1.9 million.
“Nevada’s residential real estate markets continue to grow at or near national highs,” said James Rensvold, executive vice president and director of Private Banking. “2021 was a yet another unprecedented year for the luxury real estate markets in Nevada. Market factors remained highly favorable for sellers throughout 2021, and that trend has carried into 2022.”
The Private Bank’s High Net Worth Report is available on Nevada State Bank’s website at www.nsbank.com.FDIC.