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Mortgages
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Home Values Rising in Nevada Amid Coronavirus Crisis

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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.

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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.

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

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Families can take picturesque bike rides through parts of Nevada

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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.

Read More: About 1 in 5 Americans over 50 has zero retirement savings. Here's why it's not too late

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 Former Editor-in-Chief

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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