Downtown Las Vegas is the place to be these days, according to a new report.

New data from Zillow shows the Huntridge neighborhood and “downtown east” are the two areas of the valley with the fastest rising home values.

Over the past year, both neighborhoods have seen just over a 31 percent rise in home value, according to Zillow.

Downtown east, defined by the housing site as Bruce Street to the west, Charleston Boulevard to the south and the U.S. 95 curve to the north and east, last month had a median home value of about $111,000.

To the southwest, the Huntridge neighborhood’s median home value was reported at about $162,000. Zillow’s definition of the neighborhood is a bit large, including also the Historic John S. Park, Southridge, Crestwood, Showboat and Francisco Park neighborhoods.

It’s natural, however, to see growth in nearby neighborhoods after recent years have seen major efforts to expand downtown’s cultural, culinary and business footprint.

[RELATED: Downtown Las Vegas to see rise in new restaurants]

A veteran neighbor of Huntridge told FOX5 they’re seeing more and more young people and first-time homeowners move into the neighborhood, including Mitchell Wilburn.

Wilburn and his wife, Andrea, closed on a three-bedroom home last month that features a vintage, 1940s layout, for about $210,000.

The short answer of why he chose this neighborhood, he said, “We are of the hip downtown, shiftless-artist types and we love very period, kitschy mid-century design.”

He noted a pink piano bathtub is what sealed the deal. Wilburn also said the home they bought might be their last chance to own property that could increase in value.

"In our age bracket, hardly anyone is anywhere near able to compete with the viciousness of house-flipping and renting hustlers," he said.

After those neighborhoods, home values are rising in Charleston Heights (toward Summerlin), Winchester (the east valley) and Rancho Charleston, home to many more mid-century designs.

As for rising rent, Zillow reported increases valley-wide. The top neighborhood for rising rent was Cultural Corridor, just north of downtown, then East Las Vegas, West Las Vegas and downtown east, all with a listed rent average of about $1,050.

See the full data from Zillow below:Fastest growing home valueFastest rising rents

Copyright 2018 KVVU (KVVU Broadcasting Corporation). All rights reserved.

Content Producer

Recommended for you