(The Center Square) — Amidst a housing affordability crisis, Las Vegas reportedly has over $7 billion in home value on the market.
Redfin’s new report spelled out a record total value for the city’s real estate market.
“What I think has happened, we have very high prices,” said George Kiprios, president of the Vegas Realtors Association. “Our market is doing well, and the home prices are high. Inventory has grown, not a ton, but it has grown. When you combine higher home prices with more inventory, that’s how they got there.”
The median Las Vegas metro home price is currently $448,000, down $5,000 from a January high, but up over 106% from $217,000 just 10 years ago.
Las Vegas developers, meanwhile, have underbuilt homes over the last 15 years, according to a study by the University of Nevada at Las Vegas’ Lied Center for Real Estate. Researchers found that if construction rates had remained at pre-Great Recession rates, there would have been over 280,000 additional housing units in the area.
“Everybody’s looking for houses that are more affordable,” Kiprios told The Center Square. “I think there are lots of folks that want to buy that can’t afford the price.”
Despite the high prices, the Las Vegas housing market has shown some recent promise for buyers. Across the last year, sales have spent an average of 11 more days on the market, up to 46 days. Kiprios said sellers can get anxious and lower their asking prices when sales take longer.
While the Las Vegas real estate market may be at a near-record high to purchase a home, there are also many homes currently on the market, which gives buyers leverage to walk away from a bad deal, driving down prices across the board.
At the same time, Nevada Gov. Joe Lombardo has just signed the major housing bill he introduced for the 2025 session, worth over $180 million. The bill, AB 540, is designed to help speed up the building process and incentivize affordable housing projects.
Ultimately, Kiprios said, the $7 billion on the Las Vegas housing market can be read in multiple ways. Both potential buyers and sellers should be aware of the number, but both also have something to celebrate in its announcement, he said. For sellers, homes are being sold near an all time high, while buyers can relax, knowing they have options on the market.
