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Nevada real estate

Nevada – A Housing Market That’s Starting to Look Up

Nevada was one of the hardest-hit states by the Great Recession. In fact, this state got walloped so hard that the tiny town of Empire – a city built around a huge drywall manufacturer – became a ghost town. Literally. When the housing industry collapsed, there was no need for drywall, so Empire lost everything, including its zip code!

So, what does Nevada’s housing market look like today?

Realtors in Nevada are hoping that rock-bottom is behind them. And, so far, that seems to be the case in the northern part of the state (including Reno) – where the number of home sales jumped 65% between 2011 and 2012. The construction industry here is slowly trying to start back up, as nearly 1,000 newly-constructed homes will be for sale at some point during 2013.

However, that’s still pales in comparison to pre-recession numbers. Back in 2005, there were 4,000 new homes sold.

Interestingly, a large portion of the homes for sale in Reno are being paid for with cash. That’s a sign that investors are taking advantage of the area, which signals that it’s moving in the right direction. However, that’s also a sign that “traditional” buyers will have some competition when they decide to put in an offer on a home. For sellers in the Reno-area, though, that’s a good thing. After all, thanks to basic supply and demand, the more competition there is, the higher prices will go!

What about Las Vegas? Should you take bets on the housing market’s future here?

According to realtors in Nevada, if you go solely by the lack of foreclosures, yes. Because the number of foreclosures dropped 9.5% in 2012, it allowed home prices to go up. In any metro, that’s a good thing, but it created an especially-important cycle in Las Vegas.

How so?

Las Vegas had an abnormally-high number of “underwater” homeowners (meaning they owed more on their homes than what the homes were actually worth). As a result, those homeowners couldn’t even consider putting their homes up for sale. If they did, they’d wind up in the red with all of the money they’d owe to the bank!

But once foreclosures stopped dominating the market – and home values started going back up – more people were able to get out from under their mortgages. Then, they could sell their homes if they wanted to, and the local housing market could start to turn in the right direction.

Realtors in Las Vegas say there’s still a low inventory of available homes for sale. When you couple that with buyers demand, it will drive prices up even more – meaning that Las Vegas’ housing market becomes less of a gamble by the day!

Realtors in Nevada admit the state has a long way to go – especially when it comes to fixing an unemployment rate that’s highest in the nation – but things here are definitely better than they have been in awhile!

Living in Nevada

Nevada is more than just slot machines and glitzy buildings!

Nicknamed the “Silver State” because silver played such an important role in its history and economy, some refer to Nevada as the “Battle Born State” today because it attained its statehood during the Civil War.

Nevada is known as the driest state in the country because it’s made up of mostly desert and semi-arid climate regions. The weather here can be extreme – with summer temperatures reaching as high as 125 °F , and winter temperatures dropping as low as −50 °F!

Before you head off to Nevada, let’s go over some of the fast facts:

  • What is the population of Nevada?
  • The population of Nevada is 2,758,931
  • What is the capital of Nevada?
  • The capital of Nevada is Carson City
  • What is the largest city in Nevada?
  • The largest city is Las Vegas

Nevada is known as the 4th-largest gold producer in the world. While mining is an important sector of the economy, the tourism industry has become Nevada’s largest employer over the years.

Las Vegas has become a key tourist destination with its legalized gambling, chic nightclubs, fine dining and shopping. The city is also famous for its lenient marriage and divorce proceedings.

But there is so much more to do and see here! Nevada is home to 172 mountain summits, making it the most mountainous state in the country. Its largest mountain range, the Spring Mountain Range, is located west of Las Vegas and the lowest point is south of Laughlin, by the Colorado River.

With 18 top ski resorts comprising 24,000 acres, Nevada has become an exciting place for people of all ages. With more than 33 feet of snow annually in some places, Nevada has become a destination for people of all ski levels. If you like high-level adventure, the Ruby Mountains near Elko offers heli-skiing and snowmobiling in Lamoille Canyon.

If you like to learn about days gone by, Nevada boasts eight state museums that highlight its past. From the ancient American Indian tribes to the Comstock mining boom, there are a lot of tales to share. If you enjoy art museums, Reno has several of them.

Never knew there was so much here, did you?!

This is the Census data for Nevada

Population

Total population estimate for Nevada (July 1) 2012
2,758,931
Total population change for Nevada- April 1, 2010 to July 1, 2012
2.2%

Age

Percentage of the population that's under 5 years old in Nevada, 2011
6.8%
Percentage of the population that's under 18 years years old in Nevada, 2011
24.4%
Percentage of the population that's 65 years and over Nevada, 2011
12.5%

Gender

Percentage of the population that are females in Nevada, 2011
49.5%

Race breakdown for Nevada in percentages

White alone, 2011
77.7%
Black alone, 2011
8.6%
American Indian and Alaska Native alone,2011
1.6%
Asian alone, percent, 2011
7.7%
Native Hawaiian and Other Pacific Islander alone, 2011
0.7%
Two or more races, 2011
3.7%
Hispanic or Latino Origin, 2011
27.1%
Not Hispanic, White alone, 2011
53.6%

A little more about the residents of Nevada

Percentage of residents who lived in the same house 1 year ago, 2007-2011
78.2%
Percent of residents who are foreign born 2007-2011
19.2%
Percent speaking a language other than English at home, 2007-2011
28.5%

Education

Percent high school graduates or higher for residents 25 years old and over in Nevada, 2007-2011
84.2%
Percent with a bachelor's degree or higher for residents 25 years old and over in Nevada, 2007-2011
22.2%

Veterans

Total number of Veterans living in Nevada 2007-2011
230,942

Communting

The average travel time to work for workers in Nevada (16 years and over not working at home), 2007-2011
23.6 mins

Real estate stats in Nevada

Housing unit estimates, 2011
1,183,873
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
59.1%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
29.6%
Median value of specified owner-occupied housing units, 2007-2011
$225,400.00
Households, 2007-2011
986,741
Average household size, 2007-2011
2.67

Income

Per capita income for Nevada in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$27,625.00
Median household income in Nevada, 2007-2011
$55,553.00
Percentage of people living in poverty in Nevada 2007-2011
12.9%

Business and commerce info for Nevada

Private nonfarm establishments, 2010
59,207
Private nonfarm employment for pay period including March 12, 2010
1,002,956
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
11.1%
Total number of businesses in Nevada, 2007
221,260
Percentage of Black-owned businesses in Nevada, 2007
3.9%
Percentage of American Indian- and Alaska Native-owned businesses in Nevada , 2007
0.8%
Percentage of Asian-owned businesses in Nevada, 2007
7.9%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Nevada, 2007
0.3%
Percentage of Hispanic-owned businesses in Nevada, 2007
8.1%
Percentage of Women-owned businesses in Nevada, 2007
28.6%

Land size and population

Size of Nevada in Square Miles, 2010
109,781.18 mi²
Population per square mile in Nevada, 2010
24.6

Nevada real estate

Las Vegas NV

N Las Vegas

Nevada City

North Las Vegas

Winchester

Yerington