Overview of the Commercial and Residential
Real Estate Market in Nevada
The U.S. Census estimates the population of Nevada at 2,790,136. Perhaps unsurprisingly, Sin City has the highest population. Las Vegas is known as the Entertainment Capital of the World and has a population of 603,488. The median home value is $163,500 and the median household income is $51,143. State-wide, the median household income is $52,800 and the median home value is $169,100. Homeownership rates are 56.7 percent state-wide and 53.6 percent in Las Vegas. A little more than 30 percent of residents live in multi-unit structures. Home affordability is bit tougher in the Biggest Little City in the World. Reno has a population of 233,294, a median home value of $202,100, and a median household income of $46,770.
In 1931, the Pair-O-Dice club was the first casino opened on Highway 91, what is now called the Las Vegas Strip. The lure of quick riches applies to natural gold deposits as well. Nevada is second only to South Africa in gold production and accounts for more gold than any other U.S. state. The state is home to the notorious Area 51 and the largest public works project in U.S. history, Hoover Dam. Thirteen of the twenty largest employers in the state are casinos. For Southern Nevada, the industrial market showed improvement and had a vacancy rate of 8.8 percent at the end of 2014. Office vacancy was 20 percent and had an asking rate of $1.87 per square foot. The vacancy rate for retail space was 9.5 percent with an asking rate of $1.30 per square foot. Hotels reported occupancy was up from 84.3 percent in 2013 to 88.3 percent in 2014. The vacancy percentage for medical office space was 18.3 percent.
Office Rental and Executive Suites in Las Vegas, NV
How to Become a Realtor in Nevada
The Nevada Real Estate Division, with the Real Estate Commission acting in an advisory capacity, protects the public interest and maintains their confidence in real estate transactions by establishing the criteria for licensees and overseeing their conduct. They require applicants successfully complete 90 hours of pre-license real estate classes. A minimum of 18 hours must cover Nevada law. Applicants must also pass the state exam within one year of applying for their real estate license. While Nevada does not have specific reciprocal agreements with any state, they will accept pre-licensing education from Arizona, Delaware, Idaho, Kentucky, Louisiana, Minnesota, Ohio, Texas, Utah, and West Virginia. Applicants from these other states will still need 18 hours of classes covering Nevada law to obtain their license.