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Home buyers get creative as home prices inch closer to levels seen before the Great Recession

Posted: 11:25 PM, Jul 09, 2019
Updated: 2019-07-10 10:34:31-04

LAS VEGAS (KTNV) — Las Vegas home prices are inching closer to levels seen before the Great Recession after a slight bump in June.

New data also shows Nevada as one of the states where homes are most expensive, forcing some families to get creative to get the home they want.

With three small children and a close extended family, a home with plenty of bedrooms was a must have for the Kohlmeier family.

RELATED: Las Vegas home prices break out of 3-month holding pattern

"They call us the hotel," said Kamelia Kohlmeier. "Being Vegas, everyone wants to visit us, so we have family members from L.A. visiting us.”

Part of their challenge was that Nevada is one of the most expensive states to own a house according to census statistics.

“It was hard and we had to put in multiple offers,” said Kamelia.

24/7 Wallstreet ranked Nevada #15 with a median home price of $258,000. The most expensive states, number one and two respectively, are states whose residents often move to Nevada: Hawaii and California.

Alice Ferguson is with online real estate company Opendoor.

“Nevada has been the recipient of a great migration of people from California,” said Ferguson. "Wages are growing, certainly the population is growing. So, it’s not surprising at all that we are in the top 20 for growth.”

Here in Las Vegas the Greater Las Vegas Association of Realtors just released numbers for June. Home prices were up slightly with the median price at $304,000.

"We are seeing more and more people shift from renting to home buying,” said Ferguson. "A lot of millennials are getting priced out of the rental market. They are getting very creative and thinking about how they can afford a home."

The Kohlmeiers are that example of millennial creativity finally landing a home using an unconventional method.

"We actually sent out pictures to homeowners on the lake with our family and we asked if anyone was willing to sell,” Kamelia said.

There is some good news for buyers though,

“We are probably at the highest inventory of houses so that means it’s a much more balanced market,” Ferguson said.

“It’s no longer a seller’s market its more balanced for the buyer.”