Inflation Revealed: Las Vegas Home in 1997 Cost $124,000, Equivalent to $246,729 Today
LAS VEGAS, NV – According to new history data released by industry group Las Vegas Realtors (LVR) illustrating how inflation has made home ownership more costly in recent years, in 1997 the median price of an existing single-family home in Southern Nevada was $124,000, which would be the equivalent of $246,829 in today’s current market.
However, clearly showing how times have changed, the actual median price of a single-family home in Las Vegas as of July 2024 was, in reality, $480,000, which represents a 6.7 percent jump from July 2023, when that amount was $450,000.
July 2024’s median home price also shows that home values in the Las Vegas Valley are slowly but surely creeping back up to potentially meet – and perhaps even exceed – the all-time record of $482,000, which was originally set in May 2022.
Other tidbits from the data released by LVR provide additional insight into how home values have appreciated with greater and greater speed in Southern Nevada over the years- the median price in July 2000 was $140,000, but by April 2004, it had increased to $252,500.
And despite the Great Recession in the mid-2000s essentially knocking home prices in Vegas back to levels not seen since before 2001, LVR’s historical data indicates that, since 2000, home prices in the region overall have more than tripled.
One of the main factors contributing to the rapidly rising value of homes in Vegas is the fact that there is a limit currently to how much public land there is for developers to construct upon.
In fact, research firm Applied Analysis notes that in as soon as eight years, the valley could exhaust its supply unless the Bureau of Land Management – a federal agency that controls much of the land in Nevada – speeds up the process of releasing more land for housing development, a process that they have been heavily criticized for due to their lack of urgency in doing so thus far.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.