Nevada Housing Market Expected To Remain Strong in 2025

This guide covers the Nevada housing market and forecast of home prices. As if the good news weren’t enough last year that the Nevada Housing Market appreciates nearly 10% appreciation in property values, the GLVAR reported this past month that homes are still appreciating at a modest 8% over the last quarter. Nevada home prices have been increasing since 2013 with no indication of any correction. Despite mortgage rates being the highest since 2008, there is still much more demand for housing in Nevada inventory of homes. Homebuilders are breaking record sales numbers year after year. In this article, we will discuss and cover how the Nevada housing market appreciates and is forecast to increase.

So What Does Nevada Housing Market Appreciates Mean To Home Buyers?

It means:

• If you’re a seller, hold on a bit; you’re about to get a boost in the amount you can get for your house.
• If you’re an investor, you have the ability to hold out a bit more for more value, or you can get ready to sell as you had predicted with appreciation. (assuming you ran your numbers correctly.).
• Homeowners who are planning on keeping their home may have cash-out ability soon.
• If you are a buyer, appraisals should come in with better values so you can get financing for a new home.
• If you are a renter, you have a chance to get a new home while it’s still at a decent price.

Is Another Bubble In The Pipeline In Nevada?

The chance for another bubble to hit, like the one that struck from 2006-2008, is still quite real. However, in between, there’s money to be made. While everyone is sitting on their equity, you have the ability to still negotiate a good deal for both sides. It’s slowly becoming a seller’s market. Don’t miss out on the opportunity that is still available.

Nevada Housing Market Crash Of 2008

When the market tanked back in ’08, there were a lot of individuals and families that lost their butts. I mean really bad. From driving a Mercedes to a used Ford Taurus. (04-05 sometimes earlier). From a five-bedroom mansion to a two-bedroom apartment built in 95… on the east side. A lot of people really took a hard hit when the market tanked. Many left or just went back to work; some stuck it out and have since been working within the realm of possibilities.

Where Is the Nevada Housing Market Headed?

As the banks and the hedge funds began to release inventory due to needs for interest & returns, buyers began to realize that houses were low enough and so were rates that if they fixed their credit, there could be some potential opportunities. There also started a rush for developers and big-box home builders to start building again. Somehow they got funding to start building small developments in the pockets that had not yet been touched. It’s what makes Las Vegas a unique market. When it comes to crime, there are pockets but nothing concentrated. There are still areas where your investment or home purchase would probably be better not to buy, but there are a lot of areas where it’s perfectly safe.

Nevada Housing Market Home Price Trends

For several reasons, the Nevada housing market is anticipated to continue its robustness until 2025.

Nevada Housing Market Statewide Outlook

Although some regions in Nevada may see home prices fall slightly, the rest of the market is poised to remain robust. For example, projections indicate drops of 0.8% and 1.2%, respectively, year over year by September 2025 for cities such as Las Vegas and Reno.

Las Vegas Nevada Housing Market

Specific forecasts for Las Vegas suggest a modest increase in home prices, with an average projected rise of 2.5% in 2025. Estimates vary, with some analysts predicting growth of up to 4.4% while others anticipate more conservative increases of around 0.3%.

Nevada Housing Market Dynamics

Inventory Levels

The housing supply is expected to increase, thus presenting more choices to those who want to buy houses. This may also help moderate price growth, resulting in a more balanced market and reducing the competitiveness experienced in previous years.

Mortgage Rates

Mortgage rates are expected to stabilize at about 6.5% by 2025, providing buyers with relief compared to the rates they have been experiencing recently. This will probably encourage more people to buy homes and continue demand.

Nevada Housing Market Regional Highlights

Northern Nevada Housing Market

Reno and Sparks are among the areas that have responded well among buyers due to changes in mortgage rates. Buyer activity is expected to increase as the rates come close to 6%, stabilizing the market.

Henderson Nevada Housing Market

The housing market in Henderson will continue advancing with economic development, rising population, and sustained investor demand till at least 2025.

Considerations for Buyers and Sellers

Affordability

Despite a strong market, Nevada ranks as the 6th worst state in affordability due to high prices and low incomes among the buyers. It is important for those considering buying houses to understand their financial readiness and potential financing options they can explore.

Nevada Housing Market Timing

Both buyers and sellers must monitor changes in local conditions that could affect real estate decisions. Interaction with local property professionals can provide insights concerning specific areas. In short, Nevada’s mortgage rates will remain unchanged, inventory is set to rise, and there will be steady demand for properties throughout the year. While there might be variations at regional levels, the overall prediction points towards a balanced marketplace that can benefit buyers or sellers.

Right Now Is Time To Buy In Nevada

When looking at the market, make sure you go through the community reports and understand what you’re about to purchase and the surrounding areas. There’s a lot of great properties to purchase, either for owner-occupied or investment. The deals are still real; you decide when it’s a deal anyway. If the development you’re looking to buy a house in isn’t quite what you want, look some more until you find it. It’s out there waiting to be found.

Home Loans With No Overlays In Nevada

The team at Gustan Cho Associates is experts in FHA, VA, USDA, conventional loans, and jumbo mortgages. What differentiates Gustan Cho Associates from other residential mortgage lenders is that Gustan Cho Associates mortgage brokers and correspondent lenders have no lender overlays. Borrowers with an approve/eligible per DU FINDINGS, that is the final loan approval. What are mortgage lender overlays?

Mortgage lender overlays are guidelines that are in addition to the minimum federal lending guidelines. For example, FHA requires a minimum credit score of 580 to qualify for a home buyer with a 3.5% down payment.

Most lenders, especially banks, will have mortgage lender overlays on credit scores where they will not accept anyone with at least a 640 credit score, even though the federal minimum lending guidelines set by FHA are 580. Same with debt-to-income ratios. Maximum debt-to-income ratios permitted by FHA are 56.9% DTI. However, most lenders will have debt-to-income ratio lender overlays where they will cap the DTI at 45%. When you’re ready to buy and need financing. Give Gustan Cho Associates a call at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. We’ll be happy to discuss your goals of owning a home.