Nevada is one of the most popular housing markets in the country. Experiencing rapid growth in recent years, the areas that surround Las Vegas have transformed from a small tourist strip to a major desert city. Las Vegas is the fastest growing city in the nation for the last fifty years. It’s hard to believe that Las Vegas was once a town of 10,000 in 1950 when you walk along the Vegas strip today. Today, 85% of the population for the state resides in the Las Vegas and Reno areas. The housing market in the state is primarily focused on the Las Vegas market. Although increased foreclosures and tough economic conditions have made home building difficult, the market has promising hopes for the future.

The state of Nevada is made up primarily of the Mojave Desert and the Sierra Nevada Mountains. Most of the state is very hot and arid but some mountain ranges provide a cooler mountain climate. Lake Tahoe, one of the many attractions for the state, provides one of best skiing locations for the entire West Coast. Along the California-Nevada border, many California residents have purchased vacation homes to enjoy this great resort. Las Vegas, a tourist attraction of its own, has numerous attractions that bring people to the state from all over the world. Gambling capitol of the world; casinos, hotels, shops, and bars line the streets to accommodate to the many visitors that go there. Tourist attractions have helped create thousands of jobs for the city. Job creation has helped the housing market as more and more people move to the city for work. Read more »

Sales Trends
New housing sales in the Las Vegas market have remained in the top ten for the entire country. With total new home sales of 12,538 for 2008, the market still remains a major building area for the country. Sales are lower than what they were in the past, but should increase rapidly as the economy recovers. With a healthier economy, tourism should begin to increase and more and more people will be interested in a Vegas vacation. Increased tourism will help the Nevada economy and create numerous jobs for its residents.

Other Key Trends
As larger builders focus on these suburbs, much of their success has come from building cheaper, more affordable homes. The Major builders are focusing on stripping down costs to make homes that are extremely inexpensive. With less overhead costs, homes are built faster and more abundantly. Builders can sell homes at a more affordable price for today’s economy. As homebuyers look for the best deals, areas in California with more affordable housing prove to be the most success for today’s market.  « Close »