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Las Vegas Turning into a Renter
Economy , Market Updates , Rentals

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

By Christopher Boyle August 15, 2025

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 Henderson, Las 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
Economy , Market Updates , Mortgage

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

By Christopher Boyle August 13, 2025

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 Henderson, Las 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
Economy , Market Updates , Real Estate

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

By Christopher Boyle August 11, 2025

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 Henderson, Las 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.

AI Avatar
Market Updates , Real Estate , Technology

AI Not Expected to Ever Replace Real Estate Agents, New Study Says

By Christopher Boyle August 6, 2025

LAS VEGAS, NV – Artificial Intelligence (AI) is in the middle of a huge boom right now, with the controversial technology expanding its abilities by leaps and bounds on a seemingly daily basis, leading to very real concerns that it could take jobs away from hardworking human beings.

Real estate is one field that has its workers sweating about the perils that AI presents to their livelihoods; already, the tech is being used to automate some of the more mundane tasks realtors have to contend with.

AI is being used generate and automate listings, anticipate buyer and seller preferences, and – with the vast amounts of data that algorithms can analyze – offer personalized property suggestions for target demographics, based specific individual preferences. Plus, the tech enables AI-driven chatbots to offer 24/7 availability to engage with buyers at all hours of the day or night, providing help and engagement in order to help retain interest.

But as for the idea that real estate agents themselves could eventually be replaced, a new Microsoft study says that isn’t likely to ever happen. This is because while AI could potentially tackle aspects of customer service and sales, it could never handle the uniquely-human, “emotional” side of property transactions, as many buyers and sellers are looking for a “trusted advisor” to guide them through the process.

The study analyzed 200,000 conversations that users of Copilot – Microsoft’s generative AI-driven chatbot, included in the company’s Windows operating systems and Bing internet browser – to see where the tech’s abilities stood out, and where they came up short.

Careers that involved gathering and explaining information – such as journalism, translation, customer service, telemarketing, travel agents, and sales – appeared to show the highest risk of AI takeover.

However, careers that require a human to be physically present – such as nursing, painting, embalming, machine operation and repair – showed the least risk.

But while the real estate industry wasn’t specially singled out as being either safe or endangered from the effects of AI, the study noted that the tech scored poorly in terms of emotional nuance and earning trust, aspects that are vital for realtors who are helping their clients through what is likely the most expensive and stressful decision of their lives.

As mentioned above, AI is proving to be an effective tool to assist real estate agents in their duties, but “when the AI tries to directly provide support or advice, people are less satisfied,” the report found, solidifying the fact that – despite the latest tech advancement in the field – realtors will always be needed when it comes to the selling and buying of properties.

Shelter Realty Property Management specializes in the areas of  Henderson, Las 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.

4318 Ridgecrest
Market Updates , Real Estate

Historic Former Las Vegas Home of Lonnie Hammargren for Sale at $2.5 Million

By Christopher Boyle August 4, 2025

LAS VEGAS, NV – The historic home of a late and extremely notable Las Vegas resident has just gone on the market for $2.5 million, with the property boasting more than a few unusual touches that should only serve to magnify its appeal to buyers.

Lonnie Hammargren, who passed away in 2023, was a former university regent, politician and neurosurgeon who served as the 31st lieutenant governor of Nevada from 1995 to 1999. He became especially known later in life for his home at 4318 Ridgecrest Drive that was filled with a vast array of unique artifacts and memorabilia that he would allow the public in to view every Nevada Day, which commemorates the state’s October 31, 1864 admission to the Union.

In fact, Hammargren’s collection grew to such massive size that he eventually purchased two neighboring houses, which he essentially utilized as extended showrooms for it.

His collection included many eclectic artifacts, including Liberace’s staircase from the Riviera show, a number of old casino signs, a dragon from the Imperial Palace Hotel, an old mermaid tank from the MGM Grand, and even an Apollo space capsule.

4318 Ridgecrest Drive, Las Vegas – $2,500,000.00

The main house that’s up for sale is 7,268 square feet in size, with four bedrooms, five baths, a six-car garage, a family room and dining room, kitchen and a caterer’s kitchen, marble floors, a planetarium, and a pool.

It was purchased by its current owners in 2017 at an auction after the residence went into foreclosure; at the time, it had fallen into a dilapidated state, but the current owners renovated the property while ensuring Hammargren’s collection remained completely unaltered.

As for the other two neighboring homes, they are currently owned by his widow Sandy and the Astronomical Society of Southern Nevada, of which Hammargren was a member.

Shelter Realty Property Management specializes in the areas of  Henderson, Las 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.

Summerlin
Area Living , Development , Market Updates

Master-Planned Communities in Henderson, Summerlin Among Top in Nation for Homebuilders

By Christopher Boyle August 1, 2025

LAS VEGAS, NV – Master-planned communities located within Henderson and Summerlin in Southern Nevada are among the very top in the United States among homebuilders in 2025, despite the fact that buyers nationwide have been exhibiting cold feet as of late due to high house prices and interest rates on mortgages.

So far this year through the end of June, builders in Cadence – a community situated in Henderson – sold 722 newly-built homes, placing it third nationally among such neighborhoods; this is as per a new report released by RCLCO, a real estate consulting firm.

Located on 2,200 acres of land off Lake Mead Parkway east of Boulder Highway, Candence’s figures reflecting new home sales dropped by only four units when compared to the same period of time in 2024.

Next, builders in Las Vegas’ Summerlin community sold 515 homes during the first half of 2025, tying it for seventh place with Babcock Ranch in southwestern Florida.

Summerlin, found along the Las Vegas Valley’s western rim and spanning 22,500 acres, saw sales of new homes drop by 14 present year-over-year, according to RCLCO.

However, the RCLCO report notes that, among the 50 top-selling master-planned communities, sales dropped 6.6 percent year-over-year; this reflects a similar decline experienced by the overall home construction industry, the firm said.

The RCLCO report generated the rankings in its report based on data submitted by the master-planned communities included within it, including the total number of newly-signed sales contracts, not taking into account net sales, or cancellations.

This is an impressive overall showing for Southern Nevada, despite the fact that home sales overall have been declining throughout the country as the expenses associated with acquiring a new home have risen exponentially, causing many potential buyers to delay making such purchases while weighing their options and hoping costs eventually decrease.

Shelter Realty Property Management specializes in the areas of  Henderson, Las 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.

Vacant Las Vegas Hostel
Just Sold , Market Updates , Real Estate

Vacant Las Vegas Hostel Previously Owned by Tony Hsieh Purchased for Over $3 Million

By Christopher Boyle July 30, 2025

LAS VEGAS, NV – A vacant and shuttered hostel located in Las Vegas’ downtown area that had previously been owned by the late Tony Hsieh has been sold for over $3 million, according to court and property records, with the sale having closed on July 11.

Las Vegas Hostel, located at 1322 Fremont Street, was purchased by landlord George Kanawati for $3,035,000 from Logic Commercial Real Estate, a real estate brokerage firm that was selected by Hsieh’s estate in May 2023 to oversee the sale of several of his downtown assets.

The three-story hostel, listed as “non-operating” and covered with graffiti and boarded-up windows, offers 21,100 square-feet of space and features dorm rooms with four, six or eight beds each – with rates beginning at $18 per night – in addition to 39 private hotel rooms.

Amenities include an attached restaurant, a pool, lounge area, coin-operated laundry and a theater room.

Kanawati has not yet publicly disclosed what he intends to do with the property, which he acquired for the original asking price.

Hsieh passed away in November 2020 at the age of 46 due to injuries suffered in a Connecticut house fire; at the time of his death, he was worth hundreds of millions of dollars.

For two decades, Hsieh headed up retail shoe selling giant Zappos before selling it to Amazon in 2009 for over $1 billion; he later retired as CEO in August 2020. He is also credited for having pledged $350 million to the renovation and revitalization of Downtown Las Vegas.

In February 2021, much of the Las Vegas real estate empire amassed by Hsieh was been listed on the open market by his family, totaling nearly 100 properties throughout the downtown area; Logic Commercial Real Estate was later brought in to sell five of his downtown properties, including the Western Hotel & Casino.

Vegas Chinatown
Development , Market Updates , Real Estate

Work on New Las Vegas Chinatown Area Apartment Complex Anticipated to Start in November

By Christopher Boyle July 28, 2025

LAS VEGAS, NV – A Southern Nevada developer has announced plans to develop a mixed-use apartment and retail complex in Las Vegas’ Chinatown area in a section known for urban blight such as graffiti, as well as a series of fires over the years. Construction is anticipated to begin as early as November of this year.

Jonathan Fore, managing partner of Fore Property Company, said that the complex will be called “Pearl” and is slated to take the form of a building boasting 380 apartment units, in addition to 32,550 square feet of retail space on the ground floor.

The project, with a budget of $14 million, will be built upon a dilapidated 10.5-acre plot of land off of Spring Mountain Road – Fore had previously constructed an upscale apartment complex on that road several years ago – approximately one mile west of the Las Vegas Strip.

Currently, the plot of land consists mainly of empty, weed-strewn lots, a closed-down and boarded-up strip club, and several other several unused buildings, many covered with graffiti and surrounded with barbed and razor-wire fencing.

One of the empty buildings was heavily damaged in a fire in 2002, and another suffered a similar fate in 2022. The remaining buildings on the site, Fore said, are slated for demolition once squatters are cleared out.

The project was initially approved by Clark County commissioners in January of this year, with the purchase of the land on the part of Fore taking place in late May for $24.2 million. The seller was real estate firm HMV Group, who were represented in the transaction by Brokerage firm Colliers International.

Pearl will be located near major roadways, Fore said, and it will be within walking distance to the many attractions, entertainment options, and restaurants of the Chinatown commercial district.

Shelter Realty Property Management specializes in the areas of  Henderson, Las 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 Seniors
Area Living , Market Updates , Rentals

Number of Senior Renters in Las Vegas Valley Jumped Over 30 Percent in Past Decade

By Christopher Boyle July 25, 2025

LAS VEGAS, NV – A new study indicates that the number of senior renters in the Las Vegas Valley has jumped by a significant degree over the course of the past decade, with experts chiming in with several reasons as to why that may be the case.

Point2Homes, citing data from the U.S. Census Bureau, released a study this week that notes there has been a 33.7 percent increase in the number of renters in the valley aged 65 and older between the years of 2013 and 2023.

In contrast, the report said, renters in practically all other age groups decreased during the same period of time, with the largest decrease being 8.4 percent among those aged 18-24, followed by 5.1 percent among those 35-45, 4.8 percent among those 45-54, and 0.8 percent among those 55-64.

The only other age group that saw an increase in the number of renters during that time period was among those aged 25-34, with a 4 percent jump.

The increase in the number of senior renters in the valley over the last decade was higher than the national average, which was 29.4 percent, or 2.4 million people.

The author of the Point2Homes study, Alexandra Ciuntu, said the increase in senior renters in Southern Nevada is indicative of several factors that serve to make the region attractive to that particular demographic.

It highlights how Vegas is one of the most appealing and well-positioned areas to attract older adults with its warm climate, abundant senior communities, reasonably accessible health care, and amenities that support a lower-maintenance lifestyle,” she said. “It’s gradually become a standout destination for seniors who want more than just a place to retire, but rather a place to thrive.”

The national rise in senior renting, according to the report, can also be attributed to a need on the part of older Americans to downsize and simplify their lifestyles as they age.

Compared to 10 years ago, more seniors are stepping away from the burdens of home ownership (such as property taxes, repairs, and the complexities of downsizing) and, instead, using home equity or retirement savings to support alternative living arrangements,” the report said. “Some are moving closer to family, others are downsizing to cut costs, or renting simply to live on their own terms. Renting also provides flexibility for a growing number of older adults who remain in the workforce well into their 60s, allowing for job-related moves, seasonal living, or part-time relocation.”

Shelter Realty Property Management specializes in the areas of  Henderson, Las 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.

Canada
Investing , Market Updates , Real Estate

Report: Number of Canadians Looking to Purchase Las Vegas Valley Homes Drops Nearly 25 Percent

By Christopher Boyle July 23, 2025

LAS VEGAS, NV – While previously making up a significant number of homebuyers in the region, a new report indicates that the number of Canadians looking to acquire residences in the Las Vegas Valley has dropped significantly over the course of the past year.

According to data provided by Redfin’s search engine, the number of property searches by Canadian residents in the Las Vegas Valley in May 2025 decreased 24.3 percent when compared to the same period of time one year prior. This follows an overall downward trend nationally, with Canadian property searches in the U.S. dropping 26 percent year-over-year in 48 out of 50 of the country’s largest metropolitan areas.  

Las Vegas Redfin premier agent Cheryl Van Elsis said that she has seen a distinct decline in the number of her Canadian clients, noting that the majority of them were previously purchasing properties as investments; the drop in business may indicate that her clients up north currently no longer view Southern Nevada as a good place to invest their money.

One of my clients is an investor from Canada who’s selling his last U.S. property. He owns an online gaming platform and casino in Canada and had bought property in Vegas to rent to fellow Canadians coming to gamble or attend events like the World Series of Poker,” she said. “Now, he says he no longer sees the U.S. as a good place to invest or vacation. This is the fourth property he’s sold with me over the last few years, but he made it clear he’s selling this last one because he doesn’t want any ties to the U.S. I was surprised by how strongly he felt.”

Previously, there was a large number of Canadian “snowbirds” who would frequently vacation in the U.S. during the winter season; however, the Redfin report speculates that current uneasy tensions between Canada and the current administration in the White House could have impacted the real estate market in such a way that fewer Canadians now wish to hold property here.

Canadians searching for homes in U.S. destinations started declining significantly in February, when the White House implemented 25 percent tariffs on imports from Canada and Mexico,” the report said. “The drop was especially steep in April, the month the Trump administration announced its vast global tariff policy, falling 34.2 percent year over year.”

Another factor, Redfin said, is the fact that the Canadian dollar is currently weak, which could also be playing into the reluctance of the country’s residents to invest heavily in U.S. real estate.  

Shelter Realty Property Management specializes in the areas of  Henderson, Las 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, Nevada
Area Living , Market Updates , Real Estate

Henderson Nevada Ranked in Top Five Best Large Cities for First-Time Homebuyers

By Christopher Boyle July 21, 2025

LAS VEGAS, NV – Nowadays, young families are struggling more than ever to purchase their first home. Due to a combination of soaring home prices and near-record high interest rates on home mortgages, the dream of home ownership is slowly slipping away from many Americans.

However, there are some areas of the country where you have a better shot of finding an affordable home than others, and according to personal finance website WalletHub, three cities in Nevada rank in the top 300 of the best places for first-time homebuyers, with one of those cities actually placing way up in the list’s prestigious top five.

WalletHub’s Best & Worst Cities for First-Time Home Buyers ranking takes numerous factors into account when establishing its placings, including affordability, the overall real estate market, and quality of life, drawing data from numerous sources, including the U.S. Census Bureau, the Bureau of Labor Statistics, the Department of Housing and Urban Development, as well as the FBI.

Overall, Reno was ranked at no. 52 and North Las Vegas at no. 39, although both of these Nevadan cities actually ranked even higher when compared to other cities whose population sizes were similar.

However, Henderson ranked at no. 18 on the list overall, and that placing shot up to an impressive no. 5 when compared to other large cities with populations of 300,000 and higher.

Henderson also drew high marks overall in individual categories such as affordability, where it placed at no. 50 in terms of home price vs. household income, insurance costs, real estate taxes, and cost per square foot. It also placed at no. 132 for quality of life, which takes into account factors such as school system quality, crime rates, weather, driver friendliness and job market.

Henderson also reached no. 42 in the real estate market category, which examines variables such as rent-to-price ratio, home price appreciation, foreclosure rate, number of listings, and millennial homeownership.

Shelter Realty Property Management specializes in the areas of  Henderson, Las 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
Economy , Market Updates , Real Estate

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

By Christopher Boyle July 19, 2025

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  Henderson, Las 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.