Where to Buy in Nevada in 2022

Where to Buy in Nevada 2022

The Silver State is already one of the hottest in the continental United States, but that doesn’t mean its bustling real estate market is finished heating up. On the contrary, Nevada is attracting more and more transplants by the year, with housing requirements rising commensurately. That means now is as good a time as ever to invest in Nevada real estate, and to do that, you’ll need to know where to look. Brush up with this list of Nevada’s strongest real estate hot spots, both established and up-and-coming.

Where to Buy in Nevada - Las Vegas

1. Las Vegas

Let’s get the main course out of the way first: Las Vegas has been and likely will continue to be Nevada’s real estate capital. After all, it’s the state’s most populous city, a cultural beacon and world-renowned tourist destination, with a booming entertainment and hospitality industry providing jobs at every level and sustaining a need for rental housing. There’s even a blossoming tech industry in Las Vegas, now that so many established players in tech are moving from the west coast to the southwest to cut costs; on top of that, Nevada is one of more business-friendly states, encouraging the formation of new startups.

Las Vegas as a whole has seen an 11% increase in median home value since 2020, and a further rise is all but guaranteed. Investors should expect not to be disappointed by Las Vegas properties, which are taxed at a rate of .69% compared to the national average of just over 1%. 

Up-and-coming neighborhoods like Pioneer Park and Michael Way are ripe for purchase, with average prices in the low hundreds but average rental rates typical for the greater Las Vegas area, while more polished neighborhoods like Tule Springs and Summerlin, with their better-rated schools and higher property values, are expected to grow just the same.

Where to Buy in Nevada - Reno

2. Reno

The “Biggest Little City in the World” may perhaps not be big enough, since the demand for housing is starting to overwhelm supply. By the end of 2021, Reno’s median property value will likely have risen by over 16% since 2020. Reno’s entertainment industry may be secondary to that of its big brother Las Vegas, but it’s still a regional capital for gaming and hospitality-based businesses, and sports a substantially well-developed trade economy that makes it a welcoming home to those working in construction and manufacturing. Like in all Nevadan locales, the state’s lack of a personal income tax attracts workers to Reno.

Speaking of construction, it seems these days that construction can’t exactly keep up with demand, so properties in Reno don’t tend to spend very long on the market. For those seeking the atmosphere of the urban southwest without the intensity of Las Vegas, Reno is an excellent option, and investors should pay close attention -- and be ready to strike as soon as the opportunity arises.

Where to Buy in Nevada - Henderson

3. Henderson

Of all the suburbs of Las Vegas, Henderson is the fastest-growing real estate market. Henderson is actually Nevada’s second-largest city, with a population just south of 318,000, compared to Las Vegas’ 642,000. Henderson makes up a large part of the greater Las Vegas Valley metro area and boasts its own centers of entertainment, nightlife, art, and culture.

Next to its big sister Las Vegas, Henderson tends to be more easygoing. New families find Henderson attractive because of the quality of its schools, low crime rate, and its simultaneous proximity to and separation from Las Vegas; young professionals, including service and hospitality workers, are also discovering what Henderson has to offer as an alternative to living in Vegas. As the Las Vegas metro area expands and its population grows, expect housing demand for the city’s labor force to runoff into suburbs like Henderson.

4. Paradise

Paradise may be the most fascinating suburb of Las Vegas, home to McCarran International Airport, the University of Nevada’s Las Vegas campus, and the Las Vegas strip itself. That’s right -- the iconic strip, home to some of the world’s most famous hotels and casinos and the crown jewel of Las Vegas, is actually largely located within unincorporated Paradise.

Of course, Paradise is also home to a sea of residential properties. Median home value in Paradise has increased by roughly 13% since 2020 and is expected to rise by another 7% within the next year.

5. Carson City

Las Vegas might be the capital of Nevada real estate, but Carson City is the capital of Nevada, and its market growth is not to be ignored. Since 2000, the city has experienced an average property value increase of over 100% with no sign of slowing down. Carson City’s job ecosystem supports a healthy mix of entry-level jobs, skilled labor, and white-collar occupations. While it’s no Vegas, Carson City offers plenty of leisure activities including restaurants and cafes, nightclubs, and cultural institutions like the Nevada State Museum.

Pete Evering, of west coast-based property management firm Utopia Management, is a huge advocate for Carson City real estate. “We manage properties in several states in the West, and Carson City is one of the most underrated real estate markets in Nevada. Because of its massive growth over the last two decades and clear potential for further growth, I always recommend Nevada investors take a look at Carson City.”

Discussion

#1 By Lai H Low at 2/26/2022 7:39 PM

Thank you so much for the blog with so many great and helpful informations. I came from Singapore, and the weather is exactly like Las Vegas, so I think I will love it amongst other things as well. Thank you so much again for those great informations. Best regards, Lai

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