Nevada Real Estate Market Trends & Analysis

Few markets had more ground to make up from the last recession than the Nevada real estate market. Real estate in Nevada was hit hard and prices tumbled to nearly one-third of their current level. Nonetheless, Nevada real estate persevered and came out on the other end better. After nearly seven consecutive years of appreciation, real estate in Nevada is starting to stabilize.

Prices are still expected to appreciation, but not at the same rate residents have grown to expect in recent history. Instead, home prices are forecasted to increase more in line with historic averages. Despite nearly tripling in price since 2012, however, Nevada has managed to maintain a balanced market that now favors everyone: buyers, sellers, renters and investors.

Nevada Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Title Companies, Escrow Companies, Lenders
Conveyance: Grant Deed

Foreclosure Procedure

Primary Foreclosure Method: Non-Judicial
Process Period: 3 - 5 Months
Notice of Sale: Trustee
Redemption Period: None

Taxes

Income Tax: None
Corporate Tax: None
Sales Tax: 6.85%
Estate Tax: No
Inheritance Tax: No
Median Property Tax: 0.84%
Property Taxes by County: http://www.tax-rates.org/nevada/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,265.00
Transfer Fee: Transfer fee: Up to 700,000 county population 0.13%; over 700,000 county population 0.25%; Tax regardless of size 0.26%
Origination Fee: $1,570.00

Overview

  • Median Home Value: $292,300
  • 1-Year Appreciation Rate: +4.2%
  • Median Home Value (1-Year Forecast): +0.2%
  • Median Rent Price: $1,562
  • Price-To-Rent Ratio: 15.59
  • Average Days On Market: 67
  • Unemployment Rate: 4.1% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 3,034,392 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $55,434 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 14.11%
  • Foreclosure Rate: 1 in every 2,365

Nevada Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Tax Lien and Tax Deed state
  • *Most counties have only Tax Deed sales
  • Interest Rate: 10%
  • Redemption Period: 2-3 years (depending on property type)