Loading Content...
Green Valley South: Rising Home Values and Stable Ownership in Henderson's Resilient Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Green Valley South, a neighborhood in Henderson, Nevada, has experienced significant changes in its housing market over the past decade. This analysis focuses on the trends in homeownership rates, average home values, and rental prices from 2013 to 2024, with projections for the future. The homeownership rate in Green Valley South has remained relatively stable, fluctuating between 58% and 60% from 2013 to 2022. During this period, average home prices in the neighborhood have seen substantial growth. In 2013, the average home price was $175,217, which increased to $449,780 by 2022, representing a remarkable 156.7% increase over nine years. This significant rise in home prices did not notably impact the homeownership rate, suggesting that other factors may have influenced residents' ability or desire to purchase homes in the area. Federal interest rates have played a role in homeownership trends in Green Valley South. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at around 57-60%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight increase in homeownership, reaching 60% in 2019. This trend aligns with the general expectation that lower interest rates encourage homeownership, although other local factors likely contributed to the overall stability of homeownership rates in the neighborhood.
The renter population in Green Valley South has fluctuated between 40% and 43% from 2013 to 2022. Average rent prices have shown a general upward trend during this period, albeit with some fluctuations. In 2013, the average rent was $1,417, which increased to $1,510 by 2022, representing a 6.6% increase over nine years. Interestingly, the highest average rent was recorded in 2021 at $1,595, before slightly decreasing in 2022. The population of Green Valley South has remained relatively stable during this period, ranging from 21,307 to 23,202 residents, which may have contributed to the moderate increases in average rent prices.
In 2023, the average home price in Green Valley South decreased slightly to $434,779 from the previous year's $449,780. However, in 2024, the average home price has rebounded to $452,717, showing continued growth in the local real estate market. It's worth noting that federal interest rates have increased significantly in recent years, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices in the neighborhood have continued to rise, suggesting strong demand and other positive local economic factors influencing the housing market.
Looking ahead, based on the historical trends and current market conditions, it is anticipated that average home prices in Green Valley South will continue to increase over the next five years, potentially reaching around $525,000 by 2029. Average rent prices are also expected to rise, albeit at a more moderate pace, potentially reaching approximately $1,700 by 2029. These projections assume continued economic stability and growth in the Henderson area.
In summary, Green Valley South has demonstrated resilience in its housing market, with stable homeownership rates despite significant increases in average home prices. The neighborhood has maintained a balanced mix of owners and renters, with both average home prices and rent prices showing upward trends. The recent increases in federal interest rates have not significantly dampened the local housing market, indicating strong underlying demand for homes in this desirable Henderson community.
