LAS VEGAS (KTNV) — The median price of a single-family home in Las Vegas in July was $485,000, up 1% from a year ago and tied with the all-time record set in June.
That's the word from Las Vegas Realtors, who arrived at the figure using data from the Multiple Listing Service.
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Condos and townhomes in Las Vegas had a median price of $290,000, which fell 2% from July 2024, down from a record high of $315,000 set in October.
At month's end, there were 7,147 single-family homes available for sale that had not yet attracted an offer, the Realtors said. That number is up 54.2% from a year ago, the group said.
The rising inventory is a sign the housing market may be cooling somewhat, although many people in Las Vegas are still unable to afford a home.
That's consistent with data shared by Jeremy Aguero of Applied Analysis Thursday at the annual Perspective event, put on by the Las Vegas Global Economic Alliance.
According to Aguero, nearly three-quarters of households nationally are unable to afford the price of a median home, with Nevada sitting at 78.7%.
In fact, Aguero said, there is no state in the Union where 50% of the households can afford a median-priced home.
And when it comes to home ownership, just 57.5% of people own their own home in Nevada, which puts the state at No. 48 in the nation, just above California, New York and Washington, D.C.
Most concerning, Aguero estimated it would take 19 years in Nevada to save up for a median-priced home, up from eight years in 1990 and 11 years in 2015.
That explains, in part, why the age of first-time homebuyers has risen from 31 years old in 2014 to 38 years old in 2024.
And when it comes to affording rent, 92% of extremely low income households and 88% of very low income households must spend more than 30% of their income on housing costs, Aguero reported.
Nevada also led the nation with the fewest affordable and available rental homes for extremely low-income renter households.
State and federal officials have been trying to tackle the problem by urging the federal government to turn over more federal land to the state for affordable housing construction.
In addition, the Nevada Legislature passed several bills aimed at helping both renters and would be homebuyers.
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Assembly Bill 121, for example, would require transparency in rental contracts, so tenants aren't surprised by fees. Assembly Bill 396 requires local governments to adopt ordinances allowing for casitas. Assembly Bill 241 requires local ordinances to allow apartments to be built in commercial zones. And Assembly Bill 540 — a housing bill advanced by Gov. Joe Lombardo — allocates $180 million toward attainable housing and expands the income threshold for eligibility so it includes nurses, firefighters and police officers.
