Once an area known for its abundance of affordable homes, North Las Vegas’ residential real estate market has changed dramatically over the last six years, according to a new report.
Back in 2020, according to a report from real estate portal Movoto by Lower, homes under $400,000 made up the majority of the for sale market in North Las Vegas.
That number has now dropped to less than a quarter of listings today while prices in the overall Las Vegas Valley have essentially doubled in the past decade, according to the report. Six years ago, across the country, homes listed under $400,000 made up most of the market across major U.S. cities, according to Movoto data, which looked at May housing data from 2020 to 2026.
Today, homes listed for sale under $400,000 make up less than 30 percent of all homes listed for sale, and Carol Evans, a Las Vegas real estate agent with Iron Mountain Realty and Movoto by Lower agent said there has been a dramatic shift in the overall housing market.
“North Las Vegas used to be one of the places buyers could look when they wanted more house for their money, but that value proposition has changed significantly,” she said. “In some ways, North Las Vegas’ affordability may actually have helped set the stage for its loss of affordability. As more buyers flocked to the area, prices moved up while the supply of homes at the lower end of the market hasn’t kept pace. That’s made it much harder to find the kind of sub-$400,000 single-family home that was common here just a few years ago.”
Evans said she does see a bit of a light at the end of the tunnel however, as home sales and prices have clearly leveled off in the past year, putting downward pressure on prices in many metro areas across the country. Home prices have dropped substantially in a number of Sun Belt cities such as Austin, Houston and Miami, however remain stubbornly high in the valley due to a number of factors including the shortage of land to develop on.
“I am starting to see more inventory come onto the market under $400,000, so there is some relief for buyers, but those homes are still not nearly as plentiful as they were just a few years ago,” said Evans. “And even as inventory improves, higher interest rates continue to put pressure on buyers’ monthly payments.”
Evans added potential homebuyers need to do their due diligence now in this new market for entry level housing.
“Buyers at that price point may need to be more flexible on the home, location, or features they’re looking for,” she said. “I’d also recommend working with an experienced agent, especially because I’m seeing more sellers who have deferred maintenance as the cost of home repairs has risen.”
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
