Nevada Homes Being Built Fastest In The Country
Las Vegas residents have witnessed a massive growth of new housing in the Southern Nevada area over the last few years. And a new report shows we’re not imagining it when we say that Nevada homes seem to be multiplying. Driving on one of our Las Vegas freeways recently had me thinking that we are starting to look like Los Angeles.
What was, for years, an empty landscape on our Nevada mountainsides is now an ongoing construction zone for hillside homes. There is also a new abundance of tri-level homes around the inner parts of the city. These homes are built tall and thin, so as to take up a smaller footprint than their wider predecessors. Which means more of them can fit in the same space as those built in past years.
Reports Show Nevada Homes Being Built Fastest In The Country
Those of us who have been in Southern Nevada for more than a few years keep saying we are running out of room for more housing. Well, that thought has been corrected over and over again in the last few years. New Nevada homes have found a way to exist in the Las Vegas Valley. And with them are coming a lot of new residents.
A team of experts at MarketWatch Guides recently did a study about the growth of housing around the country. They reported that Nevada issued 1,368 construction permits between 2023-2024, which was a 128% increase from the year before. Between 2022 and 2023 only 600 were issued. That lands us at first in the country when it comes to rate of change by state.
The average increase of construction permits for single-family homes in other states was 43% between 2023 and 2024. This is according to the study’s look at the U.S. Census Bureau data for the time. That puts Nevada at a mind-boggling 85% above the rest of the country in our growth rate.
And Arizona is right behind us with a growth rate of 126% last year, according to ThisOldHouse.com. They issued 3,602 construction permits on single-family homes between 2023 and 2024, compared to the 1,592 issued the year before.
The Good And Bad News About Having More Nevada Homes
The good news is that there will be more homes available for aspiring Nevada homeowners. Which could be a needed alternate to those renting, considering the latest report on rent increases outpacing the income of residents.
The bad news is that the rate of inflation and the current mortgage rates are factors making it difficult for the average family to afford a new home. Still, construction of new Nevada homes is expected to increase even more in 2024. So what does this mean for Nevada real estate? Hard to say. There could be a lot of empty new houses for a while. Or those new Nevada homes could be bought up by out-of-towners. More of the same of what we’ve seen since the pandemic.
Either way, whether the homes are being bought up quickly or not, the construction will keep going. And growth is projected to happen across the nation in most states. The only places seeing a decline in construction permits this year over last are Alaska, Kansas, Nebraska, North Dakota and Washington D.C.
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