Huge Increases In Nevada Home Values Over The Past 10 Years
Owning a home in the Las Vegas valley is getting very expensive. That’s because home values have been on the rise over the past 10 years. In fact, Nevada home values have increased by over 150% since 2013.
Many Southern Nevadans Remember The Financial Crisis
My wife and I purchased our first home in Southern Nevada in 1994. We sold that house in 1999 and bought the home in which we live now.
From that time forward, our home’s value began to increase steadily. By 2007, its value was over twice its original sale price.
Then the financial crisis hit in 2008-2009. Suddenly, home values began to see large decreases for the first time in years. As a matter of fact, by 2012, our home’s market value was less than what we still owed on the mortgage.
However, since those dark days of the financial crisis, Nevada home values have been rising steadily. In fact, home value increases in the Silver State compare favorably with other states in the nation.
Nevada Home Values Compared To Other States
Recently, the architecture experts at Architecture Lab began to look at Zillow data. Their goal: compare home values in each state in 2013 to home values in 2023.
I’m sure Nevadans who currently own a home would love to see us rank first in the nation in market values. On the other hand, those looking to purchase a new home in the Las Vegas valley are looking for a great deal on a home. One that will increase in value over the coming years.
Well, Nevada home value increases do not rank first in the nation. Since 2013, Nevada home values have risen by a whopping 157%! According to the Architecture Lab study, that puts Nevada in third place.
So that begs the question: Which states are seeing home values rising even more? In fact, our neighbors to the north in Idaho rank first in the nation. Home values there have risen by over 171% since 2013. Of course, a lot of northern Californians have moved there in the past 10 years.
Additionally, many folks on the east coast are moving to The Sunshine State. Florida ranks second in this survey. Home values there have risen by over 164% since 2013.
Home Values In The West Are Increasing More Than In Eastern States
Furthermore, homeowners in states west of the Mississippi are doing better than states in the east. Besides Florida, Georgia (#4) and Tennessee #10) also rank in the top 10 in this Architecture Lab survey of Zillow data.
In general, seven of the top 10 states seeing large increases in home values are in the west. Besides Idaho (#1) and Nevada (#3), Arizona (#5), Utah (#6), Washington (#7), Colorado (#8), and Montana (#9) own the other positions in this survey.
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Yes! Nevada Is One Of The Top 7 States For New Homes Built
7) Nevada
The “Silver State” ranks seventh in the nation when it comes to new home construction since 2010. According to the figures provided by RubyHome.com, 200,603 new homes were built in Nevada between 2010-2022. That accounts for over 16% “of the total occupied housing supply statewide.”
Aerial view of Las Vegas, Nevada. Suburban communities shown with streets, houses and rooftops of homes. Mountains can be seen in the distance on a bright, cloudless day in Southern Nevada.
6) North Carolina
North Carolina ranks sixth in the U.S.A. in this survey of new homes built. Since 2010, over 780,000 new houses have been constructed in that state, accounting for over 18% of the total number of houses in the “Tarheel State.”
New homes of various colors line a quiet street in Raleigh, North Carolina.
5) South Carolina
We don’t have to go very far from North Carolina to find the state which ranks fifth in this study. South Carolina takes that spot with over 420,000 new homes constructed between 2010-2022. That accounts for 19.75% of the total single-family homes in the “Palmetto State.”
Fall afternoon in a typical middle class, southern American residential subdivision of homes that are built close together to maximize the land use by the developer and reduce the price of each home. Each home shares a similar contemporary build style with only minor paint or plan changes on the outside and inside. This subdivision is in South Carolina, USA.
4) Idaho
We head back towards our region of the country for the state placing fourth in this survey by RubyHome.com. Our neighbors to the north in Idaho have also seen tremendous growth in new home construction over the past decade. Many people from northern California have been moving there. Idahoans have seen over 143,000 new homes built there between 2010-2022. That’s over 20% of the total homes in the “Potato State.”
Relatively new houses built along the Boise, Idaho foothills in the light and mist of an early autumn morning.
3) Utah
We remain in the mountain west region of America for the state placing third in this study. Our eastern neighbors in Utah have seen over 233,000 new homes built since 2010. That accounts for 20.65% of the total single-family homes in the “Beehive State.”
View of the roofs of homes with chimneys in Daybreak, Utah community. The majestic Wasatch mountains and glowing cloudy sky can be seen in the background.
2) North Dakota
North Dakota is the only state in the Midwest region of the U.S.A. to make the top 10 in this study according to RubyHome.com. Per the information in their study, they fell just short of the top spot for new homes built since 2010 based on percentages. Between 2010-2022, over 68,000 new homes were constructed in the “Peace Garden State.” That makes up 20.74% of the total number of homes in North Dakota.
Aerial view of the tourist town of Medora, North Dakota, located outside of Theodore Roosevelt National Park.
1) Texas
Topping the list in this study is the great state of Texas. As they say, “everything’s bigger in Texas,” so why wouldn’t they take the #1 position? In fact, according to RubyHome.com, residents of the “Lone Star State” “are more likely to live in a new, modern property than any other state across the country.” Since 2010, close to 2.5 million new homes were constructed in Texas, making up 22.5% of all homes in the state.
Modern homes with brick facades in a new housing development in suburban Austin, Texas.
Larry Martino is the long-time afternoon drive personality on 96.3 KKLZ. The views and opinions expressed in this blog are those of Larry Martino and not necessarily those of Beasley Media Group, LLC.
