North Las Vegas, Nevada

To call North Las Vegas a hot market would not do it justice. It is at meltdown levels of Hot – volcanic-molten-lava-sizzling hot. In 2017 the value of North Las Vegas houses went up 19.3 percent. Wow! This year house values are predicted to increase 7.3 percent. Currently $237,800 is the house value median in North Las Vegas.

Per square foot, the list price median for North Las Vegas houses is $133. The Metro area of Las Vegas has an average per square foot list price of $155.

In North Las Vegas, $249,900 is the present median cost of houses listed. $236,300 is the present median cost of houses sold.

In North Las Vegas, $1,300 is the rent cost median. This is less than the $1,350 median rent cost of the Metro area of Las Vegas.

An important factor that will impact how much houses are worth in the next few years is the rate of foreclosures. Houses are foreclosed at a rate of 2.2 houses for every 10,000 in North Las Vegas. This is more than the Metro area of Las Vegas is experiencing, which is 1.7 houses for every 10,000. Nationally, the foreclosure rate is even lower at 1.6 houses foreclosed for every 10,000.

For homeowners who go through foreclosure, the first thing that happens is that they have a delinquent mortgage. What is the definition of a delinquent mortgage? It’s the act of a home owner missing a payment on their mortgage.

2.7 percent of North Las Vegas homes are experiencing a delinquent mortgage in North Las Vegas. The United States has a lower mortgage delinquency percentage which is 1.6 percent.

From 2007 until late 2011, owners of homes experienced their home values dropping greater than 20 percent. This has caused many house owners to be currently underwater regarding their mortgage payments. The definition of underwater is owing more on a home than the value of the home.

North Las Vegas has a very high percentage of its homes being underwater regarding their mortgage. It’s 19.2 percent. Las Vegas Metro has a lower underwater percentage of 15.9.