According to a new report from Nevada Bank, sales of luxury homes in Clark and Washoe counties held steady in 2022.
Clark County last year had 2,130 homes that sold for more than $1 million, nearly the same number that sold in 2021. This data was compiled from Clark and Washoe county government records, according to Applied Analysis, for Nevada State Bank. There were approximately 25 percent of the luxury transactions closed at over $2 million. The majority of the luxury market homes were priced between $1 and $2 million.
The report also noted that the number of sales in Clark County that closed at $5 million or more dropped from a record high of 70 set in 2021 to 47 last year.
Private Banking Director for Nevada State Bank, James Rensvold, said that 2022 was essentially a repeat of the year before when it came to luxury home sales in Clark County. This is despite the national real estate market dropping off because of rising mortgage rates.
2021 was the year of record highs in all housing markets, but home sale volumes leveled off in the second half of 2022 as interest rates climbed higher. This trend is expected to continue into 2023 as national mortgage rates remain above 6 percent.
The Resort Corridor in Las Vegas is defined as the Las Vegas Strip and surrounding areas having the highest average sale price of any area within all of Southern Nevada—Las Vegas Boulevard between the 215 Beltway and Sahara Avenue. The average price of $2.1 million per transaction in 73 sales Summerlin and Henderson were next in line in terms of overall sales, as nearly a quarter of the luxury homes sold in Southern Nevada were located within Henderson, with MacDonald Highlands, Lake Las Vegas, and Anthem Country Club leading the way. A total of 530 luxury homes were sold.
Keep in mind that whether you are interested in buying or selling a home, a Realtor should represent you. This person is working for your benefit and will help you navigate through the buying or selling process. We have celebrated selling both New and Resale Homes for over thirty years.
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