Nevada Housing Market: Home Prices, Rent and Affordability
The typical Nevada home is worth $442,027, down 1.8% over the past year and up 15.6% over five years, 19.9% above the national $368,697 (latest release). That ranks #15 of 50 on price. A 20%-down mortgage runs $2,274 a month and takes about $110,080 of income; the median Nevada household earns $81,134, $28,946 short.
In Las Vegas, the state's largest metro, typical rent is $1,742 a month against a $2,181 principal-and-interest payment on the typical home, so renting is $439 a month cheaper before taxes, insurance and maintenance. The market is cool: 28.8% of listings cut their price (national 26.4%), homes go pending in 58 days (national 53), and for-sale inventory is down 2.7% from a year ago.
All housing figures are the latest published numbers for August; median household income is from the Census Bureau.
Nevada Housing by the Numbers
How much does a house cost in Nevada? The typical home is worth $442,027, the median sale price is $451,667 and the median list price $475,000. The six figures below describe the market this month, each with the national comparison.
- Typical home
- $442,027
- #15 priciest · national $369K
- Mortgage payment
- $2,274/mo
- P&I, 20% down · national $1,897
- Income needed
- $110K
- median earns $81K (+36%)
- Rent, Las Vegas
- $1,742/mo
- +0.1% in 1 yr · national $1,948
- Price cuts
- 28.8%
- of listings · national 26.4%
- Days to pending
- 58
- national 53 · 16,620 for sale (-2.7%)
How Have Nevada Home Prices Changed?
The typical Nevada home value every month since 2000, with the national typical home as a dashed line. Values fell 1.8% over the past year, are up 15.6% over five years, up 91.2% over ten, and up 183% since January 2000.
- Peak
- $461,667
- July 2022 · now -4.3%
- 10-year change
- +91.2%
- national +77.9%
- Median sale price
- $451,667
- list price $475,000
- Payment, 1-yr change
- -1.0%
- Rates and prices combined
Is It Cheaper to Rent or Buy in Nevada?
Two direct answers from the data. Rent versus buy sets typical asking rent in Las Vegas, the state's largest metro, against the mortgage payment on the typical home there, since rent indexes are published by metro rather than by state. The affordability gap is the income needed to buy the typical Nevada home minus what the median household actually earns.
Rent vs. buy · Las Vegas, NV
Renting is $439/month cheaper
The payment excludes property tax (0.5% of value in Nevada), insurance and maintenance, all of which push the cost of owning higher; renting builds no equity. If values kept rising at the past five years' pace (15.6%), equity would narrow that gap over a long stay.
Affordability gap · #35 of 50
The median household is $28,946 short of the income needed
A $2,274 monthly payment takes 33.6% of the median Nevada household's income before property tax and insurance; lenders generally cap total housing costs near 28–31%.
Full budget for your household →Is Nevada a Buyer's or a Seller's Market?
Market temperature is our label from three market signals compared with the national market: the share of listings with a price cut, days from listing to pending (days on market), and whether homes for sale are up from a year ago. Nevada is cool: it leans toward buyers: two of the three market signals point cooler than the national market.
Median sale price $451,667 against a median list price of $475,000, so the typical home closes 4.9% below asking.
Where the Nevada market is heading
Compared with a year ago, two of the three signals point tighter, in sellers' favor: the share of listings with a price cut is down 0.8 points from a year ago to 28.8%, homes take 2 days longer to go pending than a year ago (58 now), and the number of homes for sale is down 2.7%. The typical home value fell 1.8% over the same period and is 4.3% below its July 2022 peak of $461,667. We publish no forecasts: these are the current-month readings, not a prediction of where Nevada home prices go next.
Home Values and Rents in Nevada Cities
A city-level home value or rent is available for 12 of the Nevada cities we track. The most expensive is Reno ($573,360) and the cheapest Elko ($363,381). Click a city for its full profile.
| City | Population | Home value | 1 yr | 5 yr | Rent | Rent 1 yr | Value ÷ income |
|---|---|---|---|---|---|---|---|
| Las Vegas | 660,400 | $419,144 | -3.0% | ||||
| Henderson | 332,141 | $479,263 | -2.4% | ||||
| North Las Vegas | 278,595 | $402,439 | -1.5% | ||||
| Reno | 273,212 | $573,360 | +1.4% | ||||
| Sparks | 110,024 | $535,221 | +1.9% | ||||
| Carson | 58,384 | $501,614 | +0.7% | ||||
| Pahrump | 47,347 | $366,137 | +0.9% | ||||
| Fernley | 24,225 | $402,807 | +3.5% | ||||
| Sun Valley | 22,228 | $438,842 | +1.2% | ||||
| Mesquite | 22,059 | $373,548 | -2.8% | ||||
| Elko | 20,696 | $363,381 | +2.1% | ||||
| Dayton | 15,781 | $458,179 | +1.9% |
Home value and rent are city-level indexes; population and median household income are Census ACS. Cities without a published index are omitted.
All Nevada cities ranked →How Nevada Compares With Nearby States
The West states closest to Nevada on price. Each card links to that state's housing page; the compare link puts the two states side by side on every category.
More on Nevada
Nevada dashboard
Overall rank and grade, every category score, taxes, utilities, safety, schools and all tracked cities.
What you'd keep in Nevada
Take-home after housing, taxes, childcare, utilities and groceries for your household and income.
Who is moving to Nevada
IRS migration data: where new residents come from, where leavers go, and what both groups earn.
Nevada Housing Market FAQ
What is the average house price in Nevada?
$442,027 is the typical Nevada home value according to the latest release of the home value index, which tracks homes in the middle third of the market. The median sale price was $451,667 and the median list price $475,000. That makes Nevada the #15 most expensive state; the national typical home is worth $368,697.
Are home prices dropping in Nevada?
Yes. The typical Nevada home value fell 1.8% over the past year, and it is 4.3% below its July 2022 peak of $461,667. Over five years it is up 15.6% and over ten years up 91.2%. Nationally, values rose 1.2% over the year.
How have Nevada home prices changed over the past 1, 5 and 10 years?
-1.8% over one year, +15.6% over five years and +91.2% over ten years for the typical Nevada home value, per the latest release; the national figures are +1.2%, +20.3% and +77.9%. Since January 2000 the typical Nevada home is up 183%. The monthly chart above shows the full series against the national line.
Will the Nevada housing market crash?
We publish no forecasts, so this page cannot answer that; it can show the current readings and the historical worst case. Right now the typical Nevada home value is 4.3% below its July 2022 peak of $461,667 after it fell 1.8% over the past year; 28.8% of listings have cut their price (national 26.4%), homes go pending in 58 days (national 53), and inventory is down 2.7% from a year ago, per Zillow Research. The largest decline in the monthly value series for Nevada was 62.0% from July 2006 to April 2012, and values took 107 months to regain that peak.
Is it a good time to buy a house in Nevada?
The Nevada market is cool right now, which means it leans toward buyers: two of the three market signals point cooler than the national market. 28.8% of listings cut their price (national 26.4%), homes go pending in 58 days (national 53), and for-sale inventory is down 2.7% from a year ago. Affordability is the constraint: buying the typical home takes $110,080 of income, $28,946 more than the median household earns. Whether the timing is right also depends on mortgage rates and how long you plan to stay.
Is Nevada a buyer's or seller's market?
Nevada leans toward buyers. More listings are cutting prices than the national average (28.8% vs. 26.4%), homes take 58 days to go pending (national 53), and the number of homes for sale is down 2.7% from a year ago at 17K listings. Two of those three signals point toward buyers.
What is the average rent in Nevada?
In Las Vegas, Nevada's largest metro, the typical asking rent is $1,742 a month, up 0.1% over the past year and up 8.9% over five years, per the rent index. The national typical rent is $1,948. Among Nevada cities we track, rents range from $1,297 to $2,238 a month.
Is it cheaper to rent or buy in Nevada?
Renting is cheaper month to month in Las Vegas, Nevada's largest metro. Typical rent is $1,742 and the principal-and-interest payment on the typical home with 20% down is $2,181, a difference of $439 a month in favor of renting. The payment excludes property tax (0.5% of value in Nevada), insurance and maintenance, and renting builds no equity, so the full answer depends on how long you stay.
How much income do you need to buy a house in Nevada?
About $110,080 a year, using the standard assumptions of 20% down at current mortgage rates and a payment of no more than 30% of income. The median Nevada household earns $81,134, so the typical household is $28,946 short. That is the #35 smallest affordability gap of the 50 states. The monthly payment of $2,274 equals 33.6% of the median household's income.
Where are homes cheapest and most expensive in Nevada?
Among the Nevada cities we track with a published home value, the most expensive typical home is in Reno ($573,360) and the cheapest in Elko ($363,381). Also at the top: Sparks ($535,221), Carson ($501,614), and Henderson ($479,263). The city table above lists every tracked Nevada city with its value, one-year change and rent.
How does Nevada compare with nearby states?
In the West, the closest comparisons on price are Arizona ($417,990, down 1.1% in a year), Montana ($471,746, up 2.0% in a year), and Idaho ($478,744, up 2.0% in a year). Nevada's typical home is $442,027, down 1.8%. On affordability, Nevada ranks #35 of 50 versus Arizona at #33, Montana at #44, and Idaho at #41.
How current is the Nevada housing data?
Every figure on this page comes from Zillow Research, which publishes state, metro and city data free each month for the prior month; the latest month shown is August. Median household income is from the Census Bureau's American Community Survey. We rebuild the page from the newest Zillow files as they are released.
Home values, rents, mortgage payments, income needed, inventory, price cuts, days to pending and sale and list prices are published by Zillow Research and shown as released, with attribution. Median household income and city populations are from the Census Bureau's American Community Survey. Home prices and housing markets in all 50 states →