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.

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.

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.

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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If you have lived in Southern Nevada for any length of time, you know how fast this area has grown over the past three decades. Apparently, we’re still growing yet, as more and more people move here. Therefore, the demand for new houses continues, even after the COVID-19 pandemic slowed growth. Now, in a recent study, we find that Nevada still ranks in the top seven for states with the most new homes built since 2010.

The folks at RubyHome Luxury Real Estate recently began digging into the data provided by the U.S. Census Bureau. Specifically, they are looking at the 2022 American Community Survey for the purposes of this study. In general, the numbers show that there are over 131 million occupied households in the U.S. Of those, more than 15.7 million houses were built since 2010.

Furthermore, those figures identify the fact that close to 12% of all occupied houses in our nation are newly built homes between 2010 and 2022. According to information provided by RubyHome.com, 23 states across the country surpassed that national average of 12% for new-build homes. In fact, some states report that one in five occupied houses have been constructed since 2010.

Overall, southern, and western states seem to enjoy the most newly built homes since 2010. Five of the top 10 states in this study are part of the southwest and mountain west regions. We can safely say that Nevada is part of this region. Moreover, three states in the top 10 are part of the southeast region. One other state is on the mid-Atlantic coast. Finally, there is only one state from the Midwest to make the top 10.

It may be surprising to learn that states with very large populations such as New York, Illinois, and Michigan saw very little new home construction in the period of 2010 to 2022. Furthermore, states in the northeast and New England rank near the bottom in new homes built during this period. As a matter of fact, the New England states of “Rhode Island and Connecticut have the lowest rate of new-build properties in America.”

So, let’s see which states rank in the top seven for new homes built since 2010.

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."

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."

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."

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."

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."

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.

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.

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.

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