Nevada Housing Report: Realtors.com Assigns C- Grade for Affordability

Nevada residents face a persistent gap between property values and local earnings, a disparity recently quantified by a national real estate platform.

Realtors.com released a report on Wednesday that assigned the state a C- grade for housing affordability, placing Nevada 34th among all U.S. states. The agency calculated a total score of 45.8 out of 100 after analyzing median listing prices against median household income, permitted units, population metrics, and construction premiums. The data reveals a median listing price of $491,936 for a home in the state, while the median household income remains at $74,821.

The report calculated an affordability score of 0.52 for Nevada, a metric where higher values indicate greater access. This score suggests that a large portion of for-sale inventory remains out of reach for the typical household. The disparity between price and income drives the low ranking, as buyers must commit a larger share of their earnings to purchase a median-priced home.

Construction activity in Nevada exceeds what the state's population share would predict. The state accounts for 1.30% of all U.S. building permits, despite possessing only 0.96% of the national population. This surplus of permitted units indicates an ongoing effort to increase housing supply in the region.

New construction carries a distinct cost penalty compared to existing homes. The report identified an 18.5% new construction premium, meaning a brand-new home typically costs about 18.5% more than an existing property of similar type. This premium adds to the overall cost burden for buyers seeking modern construction.