Elko, NV Housing Market Trends
With a population of 20,785, 8,124 total housing units (homes and apartments), and a median house value of $351,724, Elko real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Elko, accounting for 54.21% of the city's housing units. Other types of housing that are prevalent in Elko include mobile homes or trailers ( 15.30%), large apartment complexes or high rise apartments ( 14.77%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 12.73%).
The most prevalent building size and type in Elko are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.08% owning and 38.92% renting.
There is a lot of housing in Elko built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Elko built between 2000 and later ( 23.63%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.82%). There's also some housing in Elko built before 1939 ( 9.16%).
Vacant housing appears to be an issue in Elko. Fully 10.14% of the housing stock is classified as vacant. Left unchecked, vacant Elko homes and apartments can be a drag on the real estate market, holding Elko 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.
Elko Home Appreciation Rates
Some of the lowest real estate appreciation rates in America over the last ten years have been in Elko, where house values have increased just 55.21%, which is annualized rate of 4.49%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Elko appreciation rates have trailed the rest of the nation. In the last twelve months, Elko's appreciation rate has been 4.04%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Elko were at -0.18%, which equates to an annual appreciation rate of -0.73%.
Notably, Elko's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Nevada, our data show that Elko's latest annual appreciation rate is lower than 60% of the other cities and towns in Nevada.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Elko differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elko - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Elko real estate investment or home purchase decisions.
Median Home Value
$351,724
Average
for Nevada
High
for nation
Number of Homes And Apartments:
8,124
NV
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$1,848 / per month