Real Estate · Nevada
Nevada ranks 34th and earns a C-minus in Realtor.com's housing affordability and homebuilding report card
Realtor.com gave Nevada a C-minus for the second year, citing a gap between home prices and incomes, even as local data show Las Vegas Valley inventory at its highest level in four years.
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What happened
Nevada received a C-minus and ranked 34th out of 50 states in Realtor.com's latest Affordability and Homebuilding Report Card, the Las Vegas Review-Journal reported. The state scored 45.8 out of 100.
Indiana topped the list with a score of 76.3 and an A. New York finished last with 8.5 and an F, according to the Review-Journal. Joel Berner, a senior economist at Realtor.com, noted that Nevada also received a C-minus in the 2025 report card.
How the grades were calculated
Affordability and building permits
The report used an affordability curve. It measures how many homes listed on Realtor.com are affordable to households at different income levels. The study drew on each state's full-year 2025 data and the most recent U.S. Census Bureau Building Permits Survey data.
The calculations weigh a state's median home list price and median household income. They also count building permits issued relative to population. For Nevada, the median list price was $491,936 and the median household income was $74,821, the Review-Journal reported.
What the economist said
Berner explained the method in an email to the Review-Journal. "Our grading system assesses both current affordability conditions in the state and new construction activity as an indicator of future affordability improvements," he said.
Berner said Nevada builds 35 percent more than the national average on a per capita basis. Even so, he said the state struggles with its current supply of homes for sale.
Prices versus paychecks
According to Berner, Realtor.com data show the average monthly mortgage payment on a median-priced home takes about 45 percent of the median earner's monthly income in Nevada. That is well above the 30 percent rule of thumb for housing affordability.
"Incomes and home prices are misaligned in Nevada, making it difficult for buyers to break into the market," Berner told the Review-Journal. He added that the inflow of newly built homes could give buyers more options at more competitive prices in the future.
The Review-Journal reported that home prices have essentially doubled in the Las Vegas Valley and most of Nevada over the past decade, while wages have failed to keep up. Nationally, Realtor.com estimates the country is short approximately 4 million homes to balance the market.
What local listings show
Inventory at a four-year high
Local real estate agent Forest Barbee said Multiple Listings Service data he compiled show the Las Vegas Valley now has more than six months of housing inventory on the market. According to the Review-Journal, that is the highest level in four years.
A small dip from record prices
The Review-Journal reported that home prices have only recently dropped approximately $20,000 from an all-time record high set earlier this year. The newspaper said this shows a clear disparity between what buyers expect and what sellers are asking.
For more on recent price trends, see our coverage of Clark County home prices in the third quarter. Other housing stories are collected on our real estate page.
What to watch next
- Whether the inflow of newly built homes gives Nevada buyers more options at more competitive prices, as Berner said it could.
- How the gap between buyer expectations and seller demands in the Las Vegas Valley plays out with inventory at a four-year high.
