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Home Value Forecast: Single-Family Stock Limited in the Silver State

Earlier this month, Pro Teck’s HVF Monthly Market Report focused on Las Vegas, one of our Top 10 metros experiencing limited inventory, fierce bidding wars and increasing price pressure. It’s a far cry from a decade ago, when entire developments were put on hold as the area weathered the financial crisis.

But what’s happening in Vegas is not necessarily staying in Vegas – Nevada’s housing market is facing a lack of inventory crisis on par with the rest of the country. Housing starts that averaged more than 29,000 per year in the nine years leading into the crisis, fell to a low of 4,633 in 2009.

home value forecast graph

Long Term Impact

Building has picked up since the 2009 low, but 2017 only had 12,832 starts, about half of the pre-crisis average. At the end of 2017, the deficit was almost 139,000 homes.

home value forecast graph

With this in mind, how long will it take for Nevada’s housing stock to rebound?

In 2004, 37,707 new homes were built in the state. If Nevada could build 38,000 new homes a year on average going forward, historical market needs would be met by 2028. Until then, assume limited single-family stock in the Silver State.

home value forecast graph

About Home Value Forecast

Home Value Forecast (HVF) is brought to you by Pro Teck Valuation Services. HVF provides insight into the current and future state of the U.S. housing market, and delivers 14 market snapshot graphs from the top 30 CBSAs.

HVF is built using numerous housing and economic data sources. The top 750 CBSAs as well as data down to the ZIP code level for approximately 18,000 ZIPs are available with a corporate subscription to the service.

Also, Pro Teck Valuation Services offers reporters the following:

  • National, regional or metro level housing data
  • Monthly updates and HVF insight articles
  • By-request data for your story — custom data, heat maps and charts are available
  • Expert commentary from Home Value Forecast Editorial Committee:
    • Tom O’Grady, Chief Executive Officer, Pro Teck Valuation Services
    • Michael Sklarz, Ph.D., President, Collateral Analytics
    • Thomas Hoff, VP, Marketing & Communications, Pro Teck Valuation Services
    • Jeff Dickstein, Chief Compliance Officer, Pro Teck Valuation Service