- Glenbrook’s 89413 is Nevada’s #1 most expensive zip code and the #56 most expensive nationwide
- Lake Tahoe communities nabbed the top three spots
- Las Vegas has the highest number of expensive zips – 19 in our top 50
- 2016’s two largest residential transactions grabbed a combined $26.95 million
Hit hard during the recession, Nevada is now bouncing back with increasing wages, decreasing unemployment rates and dynamic construction activity – in fact, the latter is the state’s fastest growing sector. Welcome news for potential buyers, as available stock in the state is tight – Southern Nevada currently has less than three months of housing supply.
Although inventory remains tight in the Silver State and sale prices remain below historic heights, Nevada’s residential real estate market is continuously improving. The Las Vegas-Henderson-Paradise metro area is predicted to be the 35th best housing market nationally in 2017, with prices expected to expand by over 5 percent, per Nevada Business magazine. Distressed sales in the state have also declined, with the Greater Las Vegas Area ending 2016 with bank-owned and short sales making up 11.6 percent of total sales – a decrease compared to the year ago number of 13.7, per the Greater Las Vegas Association of REALTORS.
While Nevada homes remain significantly more affordable than their counterparts in Connecticut, Massachusetts or Upstate New York, the Silver State still boasts some rather pricey real estate. Centered on the playground of the rich and famous Lake Tahoe, the small affluent enclaves of Glenbrook, Zephyr Cove and Incline Village took the podium in the battle for most expensive zip codes in Nevada.
Nestled on the eastern shore of Lake Tahoe, Glenbrook’s 89413 grabbed the title of most expensive zip code in Nevada with a median sale price of $1,574,887. The tiny enclave of just 215 residents also made it big countrywide, becoming the 56th most expensive zip code nationally. It’s no surprise that former Oracle CEO Larry Ellison, considered one of the top ten wealthiest people in the world, called Glenbrook home not too long ago.
Nevada’s 2nd most expensive zip code in 2016 was Zephyr Cove’s 89448. The small Lake Tahoe community boasts a median sale price of $725,000. Like most Lake Tahoe communities, Zephyr Cove has endless entertainment options to enjoy the clear waters of the lake from taking a trip on a paddle-wheeler to angling and jet-skiing. But it’s not just fun in the sun here – snow bunnies can also enjoy a variety of winter sports, including 45 miles of snowmobile trails.
As for Nevada’s 3rd priciest zip code, 89451 of Incline Village grabbed this title. Homes here trade for a median $593,750 – hardly a surprise considering the small community has garnered a reputation as a tax haven, especially among Californians. Incline Village’s 89451 was also the setting for the year’s 2nd largest residential transaction in Nevada – 1635 Pine Cone Circle, which sold for $9,400,000 in late 2016.
The Silver State’s largest residential transaction, however, happened in none other than fabulous Las Vegas. Fetching a whopping $17,500,000 mid-year, 1625 Enclave Court is said to be the most expensive home to ever trade in Sin City. The 8-bed Summerlin home was purchased by famed illusionist and MGM Grand headliner David Copperfield. The property comes with some truly magical amenities, like a resort-style infinity pool, full-service spa, three antique arcade rooms and an over 6,000-square-foot garage complete with detailing room.
Check out the most expensive zip codes in Nevada below:
|24||89085||North Las Vegas||$266,995|
|31||89084||North Las Vegas||$241,000|
|42||89086||North Las Vegas||$229,500|
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Methodology: In order to determine which were the most expensive ZIP codes in the Nevada, we looked at all residential transactions closed in 2016, taking into account condo, co-op, single- and the two-family homes. All package deals were excluded.