Nevada is mainly known as a gambling destination. In the movies, Nevada is portrayed as a party getaway in the desert. The rugged landscape is not only covered by the Mojave Desert, it also has more mountain ranges than any other state. While it remains a hot vacation spot, more and more people are making it their home. Families and businesses are deciding to move their because of financial incentives like no personal or state corporate income tax.
Because of this population upswing, Nevada is experiencing a huge construction boom. From 1990 to 2000 there was an increase of 59.5% in the number of new housing units built. In 2000, there were 827,000 housing units, of which 750,000 were in urban areas. Homeownership is at 60.9% and the vacancy level is at 9.2%. The median price of a home is $142,000. Nevada is the 7th largest state in the country, with over 70.2 million acres. 6.3 million acres are used for farming and 85% of the land is owned by the government, including the world renown Area 51 (known for possible UFO sightings).
Housing prices around the Vegas strip are expensive. The average home sells for $450,000. Currently, in Las Vegas Central it is a buyers market. Houses usually sell within sixty to ninety days, and family homes are the most popular sellers. There is a good supply of homes available in every price range. Prices are down 5% from last year, and sellers should expect to receive 90-95% of their asking price.
Another hot spot is in Reno. The average selling price is $325,000. It is currently a buyers market, with plenty of properties available in all price ranges. A seller should expect their home to stay on the market for 60-90 days and receive 90-95% of its original asking price. Prices are down about 5-10% from last year, and seem to be headed in a downward direction. Many people are move-up buyers in this area and are taking advantage of the drop in prices. There is also population growth in this region.