New homebuyers priced out of Las Vegas
LAS VEGAS (KSNV) —
Owning a piece of it is the American dream miles from the Strip is getting out of reach. That’s what REMAX agent Tim Kelly Kiernan tells us.
The first-time home buyer is being priced out the market. That's the problem.
Las Vegas is growing and the market can’t keep up.
Here are the numbers, brace yourself if you’re looking for a house.
“Days on market nationwide about 65 days. Here it's 30.” Kiernan says “Median price $224,000. Here it's $265,000. But his is the big one. Inventory. Nationwide its down but here its down about 36 percent.”
The price of a new home in Las Vegas is even higher--at $350,000.
Many of those buys are cash, buyers from California looking to invest or move into Southern Nevada. The solution, Kiernan believes, is for builders to build affordable housing.