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Are Inflated House Prices in Nevada Starting to Cool Off?

Purchasing a home in the current Nevada housing market is challenging. However, with the possibility of stabilizing prices, it may be time for mortgage-backed buyers to make their move. 

Why Is the Nevada Housing Market so Difficult?

The housing market in Nevada has been on a wild ride for the last year, with housing prices rising more than 21%. Real estate experts attribute the increase in prices to different factors, such as cash buyers and an influx of new residents. Experienced real estate agents in the state have reported an increase in all-cash buyers. These cash offers make it difficult for traditional mortgage-backed buyers to purchase a home because cash buyers can move faster, waive inspections, and offer above listing prices. 

Who Are the Cash Buyers?

Real estate experts have cited the COVID-19 pandemic as an impetus for people moving to Nevada. The increase in remote work positions due to the pandemic has allowed people to move to areas with a lower cost of living. People have realized that they can move to Nevada from New York, Chicago, California, and Florida, buy more houses for less money, and have a substantially lower cost of living.

However, wealthy investors looking to purchase houses for the rental market are likely behind most of the cash-only purchases. Some individuals are buying additional homes to increase their share of the rental market. However, statistics show that corporations are purchasing large swaths of homes to rent them out. These corporations are betting that increasing home prices will result in increased rental demand.

These investors are not wrong. As of July 2021, the median home price in Reno was $530,000. Realtors report that many homebuyers seeking to break into the housing market have decided to delay their home search after getting consistently outbid by cash buyers, increasing the rental market.  

Stabilizing Market

It appears, however, that the housing market in Nevada may be stabilizing. The median home price in Las Vegas has held steady at $405,000 for two months. Further, real estate experts claim that the housing market will begin to plateau because it is unsustainable for the median home price to continue outpacing the median wage. 

With signs pointing to a cooling Nevada housing market, now may be the time for mortgage-backed buyers to find their homes. However, buyers should still be prepared for stiff competition. Finding an experienced realtor and real estate attorney may help make the process smoother.      

What Our Clients Say

My family and I are thankful to Maddox, Segerblom and Canepa for their assistance during a three year case regarding construction defects to our home. We are truly appreciative of their knowledge, determination and assistance during this process. They were always courteous, and available to answer any and all of our concerns and questions. Thank you for the wonderful resolution. Many thanks to you and your staff.

Frances Castelli

We used Maddox, Segerblom & Canepa to represent us in a legal suit re problems in construction on new properties that we purchased from a developer.

We were very pleased with the representation provided by this law firm. They were fully communicative, responsive to our questions and were very knowledgeable about the issues that required resolution. Even after we reached a resolution, they have been responsive in making sure to point us in the right direction for help with repairs that are required.

We would recommend them to others with similar issues that require legal help.

Atam & Margo Lalchandani

Maddox, Segerblom & Canepa did a FANTASTIC job in our construction defects case. I interacted with several people from their office throughout our 2 year litigation. Their staff is friendly, knowledgeable and always prompt about getting back to you when you have questions/comments/concerns. I especially enjoyed working with Darcy, Ardea, Eva, and Sandra. Being part of a lawsuit is no fun for anyone, but if you have to be a part of one, I can’t say enough positive things about this firm!

Victoria Fox

The law firm of Maddox, Segerblom, and Canepa were amazing to work with. They were thorough and always available for any questions we had. We worked a lot with Sandy who was always professional, friendly, always on time for appointments and just a great person to represent this firm. We have never been involved in a law suit before and they made it comfortable for us. We appreciate the hard work the lawyers and people who work for the firm did and would recommend them.

Becky Loudenburg
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