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Category Archive : Economy

House-Buying in Las Vegas

UNLV Study Says to be a Homebuyer in Las Vegas Requires $119K Annual Salary

LAS VEGAS, NV – Illustrating how rising prices in the United States are impacting the average family, a new study by the University of Nevada, Las Vegas’ Lied Center for Real Estate notes that homebuyers in Las Vegas need to be earning an annual salary of at least $119,000 in order to afford a home in the region’s current median price range, which is in the neighborhood of $400,000.

We compare the cost of single-family housing with wage data across 627 occupations to assess Southern Nevada’s paycheck-to-mortgage gap,” the study’s summary states. “With a median monthly housing cost of $2,975, a household must earn $119,012 annually to afford a median-priced home.”

The current median household income in Las Vegas is $80,028, according to the Lied Center.

The study singles out members of Las Vegas’ leisure and hospitality workers are being especially hard-hit by the high cost of housing.

To meet this mortgage threshold, a single-income household must earn an hourly wage of $57.22. However, only 6.1 percent of all occupations in Las Vegas pay at or above this amount,” Lied Center researchers say. “For a dual-income household, each earner must make at least $28.61 per hour, a wage achieved by only 46.6 percent of local occupations. The situation is especially dire for minimum-wage workers: a single-income household would need to work 191 hours per week, an impossible requirement given that there are only 168 hours in a week. For a dual-minimum wage household, each person would need to work 95.5 hours per week, the equivalent of nearly 2.5 jobs”

The study goes on to say that the lack of affordable housing options in Las Vegas could eventually interfere with the city’s currently strong business and economic growth.

This widening affordability gap may threaten Southern Nevada’s long-term economic development goals,” the study says. “Despite the region’s business-friendly environment, strategic location, and favorable tax structure, companies may hesitate to relocate or expand if local housing options remain economically out of reach for much of the workforce.”

Shelter Realty Property Management specializes in the areas of  HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Apartments

Las Vegas Nevada Among Top 3 Major Metros Where Rent is Dropping the Most

LAS VEGAS, NV – According to a new Realtor.com report, with the high costs associated with purchasing a home leaving that option out of reach for many, the rental market is becoming a more attractive alternative in terms of affordability. Prices have been going down in that particular market, with 0–2 bedroom properties showing consistent year-over-year rent reductions for the past 25 months.

This especially holds true in major metropolitan areas, where the cost-of-living can often be significant; as per the Realtor.com report, the median rent in the nation’s 50 largest metros as of August 2025 was $1,713, which represents a 2.6 percent decrease – about $46 – from the all-time record high that was achieved back in August 2022.

The top three metros that have seen the biggest rent decreases since their respective peaks are Las Vegas, Nevada, with a 13.6 percent drop; Atlanta, Georgia, which ties Vegas at 13.6 percent; and Austin, Texas, where rents are down 13.4 percent.

Experts say this represents significant rental opportunities in those three markets for those who are not currently looking to buy a home, according to Realtor.com economist Jiayi Xu.

Las Vegas, Austin, and Atlanta saw the largest rent declines from their peaks due to rapid rent growth during the [COVID-19] pandemic, when many people moved to warm Sun Belt areas, creating a high starting point for corrections,” he said.

Las Vegas’ August median rent was $1,443, which is much lower than its record high of $1,671 originally reached in June 2022.

Robert Little, real estate associate at Re/Max Advantage in Henderson, NV, said that Las Vegas remains a rock-solid market for renters due to numerous factors, including an affordable cost-of-living and a great job market that is responsible for an influx of new residents to the region.

The rental market here has remained strong for as long as I can remember, and I’ve been licensed since 2007,” he said. “I believe this stability is tied to Clark County’s continued growth. Over the past year alone, the county added a net increase of about 50,000 residents, which is up 2.1 percent from the year before.”

Shelter Realty Property Management specializes in the areas of  HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas Real Estate

Las Vegas Market Returning to Stability Following August Home Price Drop, Industry Group Says

LAS VEGAS, NV – A new report by Las Vegas Realtors (LVR) reveals that home prices in Las Vegas showed a slight drop in August when compared to the all-time record high level they hit once again the month before, potentially signaling the return of stability to the Southern Nevada real estate market, despite the fact that the region’s inventory continues to climb.

LVR noted that the median price of an existing single-family home in the Las Vegas Valley in August was $480,000, which represents a drop of $5,000 from the all-time record high of $485,000 achieved several times in 2025, most recently in July; August’s median price is also a 0.7 percent increase year-over-year.

Meanwhile, the median price of condominiums and townhomes sold in the valley in August was $298,000, which represents a 2.1 percent year-over-year increase, but a significant drop from the region’s all-time record originally set in October 2024, which was $315,000.

Las Vegas Realtors President, George Kypreos, said in a statement that the numbers recorded in August distinctly show that the residential real estate market in Southern Nevada is returning to a more even level between buyers and sellers.

These statistics are another sign of stability in our local housing market,” Kypreos said. “Home prices here in Southern Nevada haven’t moved much this year. Besides having more homes on the market to choose from, buyers should also be pleased to see mortgage interest rates going down this month.”

However, inventory in Vegas continues to climb amid sluggish sales, with 7,206 single-family homes listed at the end of August without any offers, LVR says, a 36.8 percent jump year-over-year. In addition, there were 2,560 condos and townhomes without offers, a 56.1 percent jump from August 2024.

2,320 existing homes, condos and townhomes were sold in August, a year-over-year drop of 14.2 percent for homes and 15.4 percent for condos and townhomes.

Shelter Realty Property Management specializes in the areas of  HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

T. Schneider

Redfin Report Says Las Vegas Valley Cooling Faster than Any Housing Market in Country

LAS VEGAS, NV – According to a new report released by real estate brokerage services company Redfin, the Las Vegas Valley is currently the fastest-cooling housing market in the United States.

In June 2025, the amount of home sales in the valley decreased 10.2 percent when compared to the same month one year prior; in contrast, the amount of housing inventory on the market in Southern Nevada has increased 44.8 percent year-over-year, the largest jump out of any of the country’s largest major metropolitan areas.

The Redfin report said that the prices of homes in the region have remained approximatively the same compared to one year ago, but when homes do sell, they do so at an average price drop of four percent. In addition, the average amount of time that a house is currently sitting on the Las Vegas market before selling is 51 days, an increase of 15 days year-over-year and well above the national average of 40 days.

In a separate report, Redfin also noted that the valley has experienced a 12.2 percent decrease in its number of pending home sales, which places the region third in the country in terms of that metric.

Las Vegas Redfin Realtor Cherra Bergman said that there are several economic factors at play that are contributing to the current real estate situation in the Las Vegas Valley.

Buyers have more inventory to choose from than they’ve had in years, so they feel like they can take their time. Even when they find a home they really like, they often wait to find something better,” she said. “House hunters are cost-conscious because mortgage rates are high, so many are opting for new-construction homes since builders here are offering great incentives like mortgage-rate buydowns and money toward closing costs in order to offload inventory.”

After Las Vegas, the fastest-cooling residential real estate markets in the country are currently Sacramento, Denver, Fort Lauderdale, Orlando, San Diego and Miami.

Shelter Realty Property Management specializes in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas Turning into a Renter

Las Vegas’ Rent Lower Than Other Metros with Similar Populations, Report Says

LAS VEGAS, NV – As per a newly-released report, the rent in the Las Vegas Valley is actually lower than other major metropolitan areas throughout the country with similar population sizes.

According to Zumper, as of the beginning of June 2025, the median price for a one-bedroom rental unit in Clark County was $1,250 per month, making it the most affordable area out of the five U.S. metros that are comparable in size and number of residents.

Meanwhile, the most expensive metro of that group is Denver County, Colorado, where the median rent is $1,512 per month, followed by Sacramento County, California with $1,500 per month, Travis County in Austin, Texas at $1,476, and Multnomah County in Portland, Oregon at $1,425.

In contrast, the next cheapest major metro after Las Vegas in terms of one-bedroom rent is Salt Lake County, Utah, at $1,230 per month.

When it comes to two-bedroom rentals, the current going rate in Vegas as of the start of June was $1,500, which is the same amount it was during the same period of time one year prior but a 3.2 percent decrease when compared to May 2025.

Zumper’s report shows a serious shift in overall patterns when it comes to rental prices nationwide, where numbers are either dropping or at the very least remaining flat in the majority of the major metro areas that they examined. One of the main reasons for this is likely due to the large number of apartment units coming into the market over the course of 2025, leading to a surge in inventory, according to Zumper CEO Anthemos Georgiades.

Even with ongoing economic uncertainty, the U.S. rental market continues to demonstrate striking resilience,” he said in a statement. “While the national rent rates are slightly down from last year, that softness is misleading. In the context of a historic wave of new supply, the limited decline in rents is a strong indicator of how powerful renter demand remains.”

Shelter Realty Property Management specializes in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Foreclosure

Report Shows Increasing Number of Las Vegas Residents Falling Behind on Mortgage Payments

LAS VEGAS, NV – According to a newly-released report, a growing percentage of homeowners in Las Vegas are falling behind on their mortgage payments when compared to just one year prior.

As per the University of Nevada, Las Vegas’ (UNLV) Lied Center for Real Estate, in Clark County in the first six months of 2025, approximately 1,290 notices of default on home mortgages were filed, which represents a 28 percent increase year-over-year.

Of those notices of default filed in the first half of this year, the vast majority of them – 1,035, to be exact – were on single-family homes, whereas there were 133 filed for townhomes and 83 for condominiums.

In June, the most recent month covered by the report, almost 200 notices of default were filed, a jump of 32 percent from the same period of time in 2024, the Lied Center for Real Estate said.

Typically, property owners who fall behind on their mortgage payments will file a notice of default, which is normally the beginning of the process of foreclosure; however, this doesn’t always represent the filing party losing their home, as it is still possible for them to come to an arrangement with their lender, or find alternate means of getting up to date with their outstanding debt.

However, despite the large increases in the number of defaults in Southern Nevada over the course of the last year, the Lied Center’s research director, Nicholas Irwin, said that number is still low when compared to much of the rest of the nation.

Nonetheless, he noted that the upward trend of defaults is nonetheless a cause for concern, given that the unemployment rate in Las Vegas is currently higher than the national average; this could translate to the local economy facing “turbulent times ahead,” Irwin said.

Shelter Realty Property Management specializes in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Henderson

Despite Decline in Sales, Las Vegas Home Prices Remain at All-Time Record High in July

LAS VEGAS, NV – Despite the fact that inventory levels continue to grow and sales are at lower levels when compared to the same period of time one year prior, home prices in Las Vegas remained at their all-time record high in July 2025, according to a new report released by Las Vegas Realtors (LVR).

As per LVR, in July the median sale price for an existing single-family house in Southern Nevada was $485,000, which represents a 1 percent jump year-over-year, as per data pulled from the Multiple Listing Service; this ties the record high established during the first three months of 2025 and once again in June.

Starting in January, home prices in Las Vegas reached and maintained their all-time record high of $485,000 for three months in a row; April finally saw that number dip to $480,000, and that dollar amount remained firmly in-place for May as well, before surging back to the record-high level of $485,000 in June, and now holding firm at that amount in July.

Meanwhile, July saw prices for condominiums and townhomes decrease to $290,000 from June – when that amount was $305,000 – which represents a decrease of two percent year-over-year. The last all-time record high price for condos and townhomes in Vegas was established in October 2024, when that amount reached $315,000.

Meanwhile, the number of homes available on the market in Vegas has gone up; the number of single-family homes for sale in July rose 54 percent year-over-year, along with the inventory of condominiums and townhomes, which jumped 77 percent. There were 7,147 single-family homes listed for sale without offers at the end of July, in addition to 2,622 condos and townhomes.

The biggest headline coming out of our housing market this year has been our increasing inventory,” said LVR President George Kypreos. “More homes to choose from is good news for buyers. It’s also a sign that the market has been cooling down lately.”

Shelter Realty Property Management specializes in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

North Las Vegas

Report: National Increase in Inventory of Homes for Sale Highest in Las Vegas

LAS VEGAS, NV – Currently, there is a new trend across the real estate market in the United States where the inventory of homes for sale has increased drastically across the board, and Las Vegas is currently experiencing the highest degree out of the entire nation, according to a new report.

As per a report released this week by the National Association of Realtors (NAR), the number of listings on the market without any offers in Las Vegas is currently up a whopping 77 percent year-over-year, with the valley currently leading the nation in this metric.

Broken down by listing type, Las Vegas Realtors reports that there were 6,992 single-family homes for sale with no offers at the end of June, which represents a 70 percent jump year-over-year; meanwhile, there were 2,564 condominiums and townhomes without offers, an 87.6 percent increase over the same period of time one year prior.

June sales in Vegas showed a decrease of seven percent year-over-year, with the average home for sale remaining on the market for over 30 days; 80 percent sell within 60 days.

One contributing reason for the situation in Vegas, NAR notes, is an abnormally high number of retirees currently leaving Southern Nevada, with their homes subsequently and thoroughly flooding a market already experiencing a high degree of saturation in recent months. 

However, Las Vegas Realtor Jeff Crampton noted that there are two other reasons that Vegas’ inventory is swelling so much at the moment.

It’s been some time since we had this many homes on the market,” he said. “Two factors are keeping buyers on the shelf. One is the interest rates, and the other is the unsettling financial news on our TV every freaking day. Tariffs. No tariffs. War. No war. When people are going to spend hundreds of thousands of dollars on something, they want certainty.”

Coming in second in terms of home inventory spikes is Washington, D.C. at 63.6 percent, followed by Raleigh, North Carolina at 56.4 percent.

Nationally, the overall increase in home inventory year-over-year for sale is at 28.9 percent.

Shelter Realty Property Management specializes in the areas of  HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

redfin

New Report Speculates that Las Vegas Home Prices Will Drop in Second Half of 2025

LAS VEGAS, NV – A new Redfin report speculates that prices of homes in the Las Vegas Valley could begin to drop in the second half of 2025, based on a variety of factors.

A senior economist at Redfin, Asad Khan, has said that the valley is currently experiencing a “weak homebuying season,” as evidenced by the fact that pending sales in May decreased 17.7 percent year-over-year, placing it third in terms of pending sales drops in the entire nation, behind only Fort Lauderdale at 18.6 percent and San Jose at 18.3 percent.

At the same time, Las Vegas registered the highest active listings growth in May among the top 50 metro areas in the U.S. The reason for low sales has been particularly weak demand in the Las Vegas region,” Khan said. “High mortgage rates and high prices are keeping a lid on demand, even though the stock of homes for sale is growing. Most sellers in the Las Vegas metro area have significant equity in their homes created during the run-up in prices, so few sellers are feeling the pressure to sell quickly with prices still rising.”

As per Las Vegas Realtors’ monthly report, in June the median sale price for an existing single-family house in Southern Nevada was $485,000; this ties the record high established during the first three months of 2025, after which that price dropped to $480,000 in April and May before rising back to its previous record high once again.

Amid these record high prices, however, sales in the region have continued to drop, which Khan attributes to not only affordability concerns, but also high interest rates on home mortgages; that, he said, will likely contribute to sales continuing to slow down, which will eventually translate to buyers having more negotiating power going forward.

There are still hundreds of thousands more home sellers than buyers nationwide. But some would-be sellers are sitting on the sidelines as the market tilts more and more in buyers’ favor in much of the country,” Khan said. “Pending home sales fell 2.3 percent year over year during the four weeks ending June 22, the biggest decline in three months. There are two key reasons why home sales are slow. One, housing costs are still soaring, with home-sale prices up 1.6 percent year over year to a record high and mortgage rates sitting near 7 percent. Two, many would-be buyers are holding off due to widespread economic uncertainty and recession jitters.”

Shelter Realty Property Management specializes in the areas of  HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Townhomes

Following Brief Decline, Las Vegas Home Prices Back to Record High in June

LAS VEGAS, NV – Following a brief two-month respite, home prices in Las Vegas are once again back up to their all-time record high level, according to a new report by Las Vegas Realtors (LVR).

As per LVR, in June the median sale price for an existing single-family house in Southern Nevada was $485,000, which represents a 2.1 jump year-over-year, as per data pulled from the Multiple Listing Service; this ties the record high established during the first three months of 2025.

Starting in January, home prices in Las Vegas reached and maintained their all-time record high of $485,000 for three months in a row; April finally saw that number dip to $480,000, and that dollar amount remained firmly in-place for May as well, at the time prompting experts to speculate that it signified the possibility that the market could be slowly shifting to favor buyers once again.

Meanwhile, June saw prices for condominiums and townhomes at $307,000, which represents a slight decrease from May, but nonetheless an increase of 3.4 percent year-over-year. The last all-time record high price for condos and townhomes in Vegas was established in October 2024, when that amount reached $315,000.

LVR notes that a combined total of 2,461 homes, condos and townhomes were sold in Vegas in June, which is a seven percent decrease from the same period of time last year for homes, and 14.9 percent drop for condos and townhomes.

LVR also reported that there were 6,992 homes in Southern Nevada listed for sale without an offer by the end of June, a 70 percent increase year-over-year, and 2,564 condos and townhomes, 87.6 percent increase. But LVR President George Kypreos noted that this trend continues to represent a degree of stability returning to the Vegas housing market.

Although home prices bounced back to their previous peak, prices have actually been pretty stable so far this year,” he said. “The biggest change in our local housing market lately has been the increasing number of homes available for sale, which is good for buyers. It should also be prompting to sellers to be realistic when pricing their properties.”

Shelter Realty Property Management specializes in the areas of  HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

north las vegas

North Las Vegas Housing Project Funded by State & COVID Relief Funds Facing Deadlines

LAS VEGAS, NV – Windsor Park, a neighborhood located in North Las Vegas, has been sinking into the ground for decades – with its homes slowly falling apart as a result – and a developer that has been tasked with building new residences in their place is facing strict deadlines before his funding is yanked off the table.

The neighborhood was built in the 1960s and was originally made up of 241 homes; that number has dwindled down to just 90 today. Proper studies of the land that Windsor Park was built upon were never made; as a result, existing fault lines that were aggravated by groundwater pulled from an aquifer under the neighborhood resulted in homes gradually sinking into the ground. The result was disastrous – walls inside homes cracked, porches collapsed, and sewage pipes shifted.

Community Development Programs Center of Nevada – developer Frank Hawkins’ nonprofit affordable-housing firm – was awarded a contract for $37 million in 2024 to build a new 93-lot subdivision to provide housing for Windsor Park’s remaining residents. To date, plans have been drawn up, but construction has yet to begin.

However, since the money for the project is made up of public funds, Hawkins is up against strict deadlines. Under the terms of the contract, $25 million of the funds allocated for the project are made up of federal COVID relief funds, and if they are not spent by the end of 2026, those funds will no longer be made available.

In addition, another $12 million of the money earmarked for the project comes from the state of Nevada, and its expenditure must be committed to by June 20 and spent by September 15; any portion of that $12 million that has not been spent by the deadline goes back to the state.

So far, officials indicate that $11 million in COVID funds have been spent on the project, mostly consisting of $9.9 million towards the purchase of the land to be developed, located along Carey Avenue just west of Martin Luther King Boulevard.

As part of the contract, Hawkins is allowed to procure additional funding from other sources, but officials are growing worried that the developer may not meet the deadline to spend the $12 million allocated by the state.

Clearly, it’s a concern,” said State Senator Dina Neal (D-North Las Vegas), who introduced the Windsor Park Environmental Justice Act bill that ultimately funded the project. She has since sponsored a new bill to potentially extend the deadline for the $12 million expenditure by an additional two years.

However, Hawkins said that he is not worried about meeting the looming financial deadlines.

Even if I did, there’s nothing I can do about it…it’s not my purview,” he said.

Shelter Realty Property Management specializes in the areas of  HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Slump YAKOBCHUK VIACHESLAV Signed model and property release on file with Shutterstock, Inc.

Large Amount of Home Sales in Vegas Being Cancelled, Following National Trend

LAS VEGAS, NV – Southern Nevada is currently experiencing a large amount of home sale cancellations, and while this is following a nationwide trend, it is a phenomenon that has grown more pronounced in Las Vegas when compared to most other major metropolitan areas.

According to Redfin, in April 2025 14.3 percent of all home-purchase agreements nationwide were cancelled, which equates to contracts for approximately 56,000 homes; this represents an 0.8 percent increase in such activity over April 2024, when that percentage was 13.5.

Las Vegas has landed in the top ten of major metros that are experiencing higher-than-average levels of home sale cancellations, currently ranked at number eight with 18.6 percent. The number-one ranked city in cancellations, however, was Atlanta, Georgia, which saw 20 percent of all home contracts nixed in April.

Redfin cites several reasons for this uptick in last-minute cold feet when it comes to home purchases, such as a greater amount of inventory on the market – which results in a wider array of choices for those looking for a house – as well as the current uncertainty gripping the nation when it comes to both the economy and politics.

However, the number one reason for the rise in home contract cancellations simply comes down to dollars and cents; both home prices and interest rates on mortgages are remaining “stubbornly high,” according to Redfin, leading to more and more buyers panicking and pulling out of deals at the last moment.

Other factors include buyers making offers on properties sight-unseen, and then changing their minds when finally touring them in-person; buyers failing to sell their current home to raise funds for a new one; and finally, buyers’ remorse when they discover what their monthly payments will be once everything is factored in.

Shelter Realty Property Management specializes in the areas of  HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.