Valley Property Yields Record High Prices
Author: Diana Heeb Bivona
Local economic research firm, Applied Analysis, is reporting that the median vacant-land prices topped $708,000/acre in the third quarter. This marks a phenomenal 99% increase over the last 12 months and a new all-time high for Southern Nevada property prices.
In the third quarter alone, there were a total of 362 real estate transactions that involved more than 1,800 acres. While this was 37% fewer total acres over the previous quarter, the average selling price of $16.25/sq. ft. was at a 75% premium over the second quarter prices.