Apr 29, 2020
The financial crisis touched off by the coronavirus outbreak has raised concerns about home values in Nevada and across the U.S.
Despite the lowest mortgage rates on record, homeowners in some parts of the country have seen their property values go down as the pandemic has made homebuying and selling much more of a challenge.
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Real estate agents have stopped holding open houses because of social distancing needs, and buyers are now touring houses via videos, 3D technology and live conferencing.
How's the market doing in Nevada? It's hot, according to Zillow. Find out if that's likely to change.
Current home values in Nevada
Home values have been rising throughout Nevada and are up 0.8% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $621,030, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Nevada: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
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A 30-year mortgage for a $621,030 home at 3.33% would give a typical Nevada homebuyer a monthly payment of $2,184, assuming a 20% down payment.
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How the Nevada housing market stacks up
Families can take picturesque bike rides through parts of Nevada
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Nevada, they're predicted to rise 3.6%.
Homes right now are going on the market in Nevada at a median price of $185 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Nevada home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $307,762 |
| 2019 | $305,213 |
| 2018 | $287,075 |
| 2017 | $255,433 |
| 2016 | $231,650 |
| 2015 | $213,633 |
| 2014 | $195,258 |
| 2013 | $169,050 |
| 2012 | $140,475 |
| 2011 | $140,008 |
| 2010 | $156,750 |
| 2009 | $179,325 |
*2020 price average through March 31, 2020.
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How much for an average-sized home?
Here's what a 2,500-square-foot home in Nevada is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $461,910 |
| 2019 | $427,500 |
| 2018 | $407,500 |
| 2017 | $357,500 |
| 2016 | $320,000 |
| 2015 | $295,000 |
| 2014 | $272,500 |
| 2013 | $242,500 |
| 2012 | $192,500 |
| 2011 | $187,500 |
| 2010 | $212,500 |
| 2009 | $232,500 |
*2020 price average through March 31, 2020.
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Doug Whiteman was formerly the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."
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