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Digging deeper: What's driving up Vegas area home prices? What does it mean for those who live here?

Vegas Home Prices
Vegas Home Prices
Posted at 5:20 PM, Feb 21, 2022
and last updated 2022-05-23 18:34:37-04

SOUTHERN NEVADA (KTNV) — Home prices continue to soar in the Las Vegas area. What does that mean for those who live here? 13 Action News digs deeper into the housing market in Southern Nevada.

Valley shortage of affordable homes being called a housing crisis

For many, mobile homes are an affordable option to home ownership in Nevada. However, they may be becoming another casualty to growth in the valley. Read more.

Developers turn to golf clubs to build housing projects in Las Vegas

It's getting harder to find places to build houses, particularly affordable housing, as the land here in Southern Nevada becomes more limited. What used to be the Royal Links Golf Club, is now under construction to build 1600 homes. FULL STORY

Nevadans living inside vehicles, disturbing residential neighborhoods

Over the past two years of dealing with the pandemic, it introduced a host of new challenges. From loss of jobs, inflation, and one not as easily seen, vehicular homelessness. That new challenge has forced many people to call their cars home.

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Construction costs more, takes longer to complete amid huge demand

A shortage of materials is putting construction on hold as workers wait months for back-ordered items to become available. The construction industry is also seeing the highest price hike in more than 50 years.

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Las Vegas housing market showing signs of adjustment

New data from Las Vegas REALTORS shows home prices in the Las Vegas valley continue to rise, but sales are starting to fall. The median price for single-family homes was $475,000 in April, up 3% from March. However, available inventory of homes for sale went up about 22% from march.

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Operation HOME: Helping to house people in Southern Nevada

In an effort to help people struggling to find housing, Clark County is offering landlords $1,000 bonuses for every apartment or home they rent through the Operation HOME! program. Through the program, the county aims to find homes for 2,022 unhoused people by the end of 2022.

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Nevada's initiative to address housing costs, boost ownership gives optimism to prospective buyers

Data from Zillow shows the average home price in the Las Vegas valley is now more than $421,000, up about 32% from last year. Through Home Means Nevada, $500 million will go toward building affordable housing units. As Jeremy Chen reports, the state's new housing initiative is giving some optimism to prospective buyers.

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Officials launch 'Home Means Nevada' initiative to tackle affordable housing crisis

State lawmakers are hopeful hundreds of millions of federal relief dollars can finally make a dent in Nevada's affordable housing crisis. “For those that need housing, just think about for every 116 people, there’s only one unit that’s currently available," said Michelle Merced, the CEO and president of the Neighborhood Housing Services of Southern Nevada.

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New housing report reveals mortgage-wages disparity in Clark County

According to ATTOM Data Solutions' first-quarter 2022 U.S. Home Affordability Report, in Clark County the average cost of a single-family home is $410,000, which is up 26.2% from this time last year; however, wages only grew by 7.1% in the valley since 2021.

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Southern Nevada home prices continue to rise despite fewer homes selling

A report from the Las Vegas REALTORS shows prices continue to rise in Southern Nevada, despite sales being down from this time last year. LVR says the median price of existing single-family homes in March was $460,000. That breaks the record set the previous month and is up 26.7% from $363,000 one year ago.

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Buyers struggle to find homes in Las Vegas' competitive housing market

Rising home prices and shrinking inventory are making it a tough time to buy a house in Las Vegas. The median price for a single-family home has reached $435,000. Anchor Abel Garcia spoke with prospective home buyers about their struggles to find a place to live in the competitive market.

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Sellers, agents ready to cash in on red hot housing market in Las Vegas

There’s a flip side to the soaring prices in the Las Vegas housing market. People looking to sell are seeing dollar signs. Real estate agents say prices for properties have gone up by three times what they were five years ago. Anchor Abel Garcia talked to some who say they are ready to cash in.

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Las Vegas home expert offers tips for buyers to beat competition

Soaring prices, shrinking inventory, and increasing mortgage rates are making it tougher to buy a house in Las Vegas. A local home expert says the clock is ticking, and more than ever, buyers need to make a move before rates go up even more.

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Rising rents create huge concern for Las Vegas area tenants

For many, rent is going up faster than their paychecks. In the 50 largest U.S. metropolitan areas, median rents rose more than 19% from December 2020 to December 2021, according to Realtor.com. Anchor Dave Courvoisier has the story of a local renter who is scared increased housing prices will affect her rent, and a housing expert weighs in.

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Some moving to weekly motels

As rents rise, the increased cost of housing has led more people to the verge of homelessness in the Las Vegas valley. During a Clark County Commission meeting, District D Commissioner William McCurdy II said some of his constituents are being forced to move to weeklies and motels.

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'It is just out of control': Las Vegas woman moves into Siegel Suites

13 Action News anchor Abel Garcia spoke with a Las Vegas woman who says Siegel Suites is a better option for her right now as the cost of rent increases, and 13 Investigates learns more from Taylor Altman, an attorney with the consumer rights project for The Legal Aid Center of Southern Nevada, about rent increases. Siegel Suites plans to host a series of community events that will provide food, health care, and other resources.

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Fees before keys: Las Vegas-area renters overwhelmed by application fees

The Las Vegas rental market has gone crazy in recent months. It's not just the shortage of available rentals, but the money you have to cough up before you even sign a lease. 13 Chief Investigative Reporter Darcy Spears takes a closer look at rental application fees: the up-front money you shell out just to be considered as a potential tenant.

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Know your rights when it comes to rent hikes

13 Action News Anchor Tricia Kean spoke with an attorney with the Consumer Rights Project for the Legal Aid Center of Southern Nevada to learn more about what rights renters have when it comes to rents increases.

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Lack of affordable housing in Las Vegas impacting seniors

The cost of rent and new homes is especially hard for seniors. Reporter Alyssa Bethencourt explains why this group is among the hardest hit by soaring prices.

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The cost of living in Las Vegas may never be the same

13 Action News Anchor Tricia Kean spoke with a housing expert from Southern Nevada who says this isn't just a trend, this may be the new cost of living in Las Vegas. In fact, a Rent.com data journalist told 13 Action News he would be surprised if rents ever return to pre-pandemic levels, even if they level off some.

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Push for more affordable housing: State of Nevada, Clark County initiatives

In February, Gov. Steve Sisolak announced a $500 million housing initiative called "Home Means Nevada" using federal relief funds. The goal is to lower the cost of housing, help seniors make repairs and accessibility retrofits to stay in their homes and boost housing availability.

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The Clark County Commission unanimously approved a plan on March 1 to help fund seven affordable housing developments that altogether would add 602 apartments for low-income seniors or families. FULL STORY

WHAT WILL BE FUNDED? | ‘Home Means Nevada’ breakdown: The state's $500 million push for more affordable housing

In April, Clark County commissioners approved a $160 million Community Housing Fund. The fund would address the rising cost of purchasing or renting a home by supporting affordable housing programs in Southern Nevada. FULL STORY

The Siegel Group, which owns Siegel Suites, plans to host a series of community events that will provide food, health care, and other resources. For a list of dates and locations, click here.

For more in-depth reporting in the Las Vegas area, watch 13 Investigates' multi-part series looking into allegations of pets in peril at the Animal Foundation on ktnv.com/AnimalFoundation, or check out our special series "Meadows to Metropolis" examining what rapid growth means for our future on ktnv.com/Growth.