Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Counties in Nevada
Housing Market Overview
| Metric | Nevada | US Average |
|---|---|---|
| Median Home Price | $338,659 | $242,182 |
| Price Trend (Annual %) | 9.9% | 8.2% |
| Median Gross Rent | $1,488 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Nevada is about 40% higher than in US. Rent is about 11% higher than the US average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Nevada, up about 9.9% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Nevada rose about 53.1% between 2015 and 2023, from $972 to $1,488. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Nevada.
Buying the median-priced home in Nevada costs roughly 19.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Nevada. The price-to-rent ratio in US is about 15.0.
| Metric | Nevada | US Average |
|---|---|---|
| Median Home Price | $338,659 | $242,182 |
| Median Household Income | $75,608 | $78,145 |
| Price-to-Income Ratio | 4.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Nevada rose about 128.0%, while median household income rose about 35.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Nevada | US Average |
|---|---|---|
| Homeownership Rate | 53.7% | 58.2% |
| Rental Rate | 36.8% | 31.3% |
| Vacancy Rate | 9.5% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 |
Nevada has a homeownership rate of 53.7%, lower than the US average of 58.2%. Its housing vacancy rate is 9.5%, compared with 10.6% in US.
Housing Stock
| Metric | Nevada | US Average |
|---|---|---|
| Average Household Size | 2.62 people | 2.54 people |
| Median Structure Built Year | 1993 | 1978 |
| Median Number of Rooms | 5.3 | 5.5 |
The typical housing unit in Nevada was built around 1993. On average, 2.6 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Nevada.
What is the median home price in Nevada?
The median home price in Nevada is $338,659, higher than the US average of $242,182.
What is the average home price in Nevada?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Nevada?
The median gross rent in Nevada is $1,488 per month, higher than the US average of $1,342.
What was the median gross rent in Nevada in 2020?
In 2020, the median gross rent in Nevada was $1,159 per month.
What is the price-to-rent ratio in Nevada?
The price-to-rent ratio in Nevada is about 19.0, meaning it would take roughly 19.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Nevada.
Are home prices or rent rising faster in Nevada?
Both home prices and rent are rising in Nevada, up about 9.9% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Nevada?
53.7% of households in Nevada own their home, lower than the US average of 58.2%.
What is the vacancy rate in Nevada?
The housing vacancy rate in Nevada is 9.5%, lower than the US average of 10.6%.