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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Nevada City, CA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Nevada City, CA Housing Market Trends

With 3,112 people, 1,373 houses or apartments, and a median cost of homes of $647,815, real estate costs in Nevada City are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive California communities.

Single-family detached homes are the single most common housing type in Nevada City, accounting for 65.03% of the city's housing units. Other types of housing that are prevalent in Nevada City include duplexes, homes converted to apartments or other small apartment buildings ( 20.58%), large apartment complexes or high rise apartments ( 7.74%), and a few row houses and other attached homes ( 4.97%).

People in Nevada City primarily live in small (one, two or no bedroom) single-family detached homes. Nevada City has a mixture of owner-occupied and renter-occupied housing.

The housing in Nevada City was primarily built before 1939 ( 42.13%), making the housing stock in Nevada City some of the oldest overall in America, although there is a range of ages of homes in Nevada City. The next most important housing age is between 1970-1999 ( 39.29%), followed by between 1940-1969 ( 16.39%). There's also some housing in Nevada City built between 2000 and later ( 2.19%).

Vacant housing appears to be an issue in Nevada City. Fully 11.42% of the housing stock is classified as vacant. Left unchecked, vacant Nevada City homes and apartments can be a drag on the real estate market, holding Nevada City real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Nevada City Home Appreciation Rates

Real estate appreciation rates in Nevada City's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.95% during the period.

Over the last year, Nevada City appreciation rates have trailed the rest of the nation. In the last twelve months, Nevada City's appreciation rate has been -0.20%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Nevada City were at 2.50%, which equates to an annual appreciation rate of 10.36%.

Importantly, this makes Nevada City one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to California, our data show that Nevada City's latest annual appreciation rate is lower than 70% of the other cities and towns in California.

Average Home Values

Median Home Value

$647,815

Nevada City, CA Home Prices
> $1,145,000
$859,001 - $1,145,000
$572,001 - $859,000
$458,001 - $572,000
$344,001 - $458,000
$229,001 - $344,000
$115,001 - $229,000
$57,001 - $115,000
$0 - $57,000
7.7%
7.7%
17.1%
17.1%
34.9%
34.9%
25.0%
25.0%
6.6%
6.6%
4.7%
4.7%
1.7%
1.7%
0.0%
0.0%
2.4%
2.4%
0% 100.0%
% of Homes
Average

for California

Very High

for nation

Number of Homes And Apartments:

1,373

Nevada City Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,156 / per month

Homeownership Rate

Owners
Renters
41.3%
41.3%
58.7%
58.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
11.4%
11.4%
88.6%
88.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
2.2%
2.2%
39.3%
39.3%
16.4%
16.4%
42.1%
42.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
65.0%
65.0%
5.0%
5.0%
20.6%
20.6%
7.7%
7.7%
1.7%
1.7%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.6%
4.6%
18.3%
18.3%
39.4%
39.4%
24.6%
24.6%
12.1%
12.1%
1.0%
1.0%
0% 100.0%
% of Homes

Popular Neighborhoods in Nevada City

Zip Codes in Nevada City, CA