5 Nevada Markets to Pay Attention to in 2023
Welcome to the captivating world of Nevada, where the possibilities for real estate investment are as vast as the breathtaking landscapes. In this dynamic state, we invite you to explore five markets that promise lucrative opportunities in 2023.
From the historic charm of Carson City to the thriving city of Henderson, the vibrant streets of Las Vegas, the emerging allure of Mesquite, and the energetic atmosphere of Reno, Nevada's real estate markets are brimming with potential. And with Kiavi as your trusted lending partner, your investment journey is about to take off.
Carson City: Where history meets opportunity
Carson City's population has been steadily growing, with a 0.57% increase in the past year alone[1]. With an estimated population of 59,647 in 2023[2], Carson City continues attracting residents and businesses, positioning itself as the fourth-largest county in Nevada. The housing market in Carson City experienced a 12.6% decrease in home prices compared to the previous year, with a median price of $425K in May 2023[3].
Carson City boasts a diversified and balanced economy, attracting businesses with its low taxes, affordable housing, and real estate costs. The city's economic landscape is characterized by industries such as electronics, transportation, machinery, plastics and rubber, and chemicals. With over 1,800 business establishments employing more than 27,380 individuals[4], Carson City offers a wealth of employment opportunities. Whether you're looking to invest in residential or commercial properties, Carson City's favorable regulatory climate and economic stability make it an enticing prospect.
One of the key factors driving Carson City's economic growth is its reputation as a favorite relocation spot for companies seeking low taxes, affordable housing, and a skilled labor force. The city's favorable business environment and high quality of life make it an ideal destination for entrepreneurs and professionals looking to thrive.
But Carson City is more than just a hub for business and industry. Its rich history, dating back to the silver boom of 1859, adds a unique charm to the city. The vibrant streets, lively downtown area, and abundant recreational opportunities make Carson City a place where residents can enjoy a well-rounded lifestyle.
As the sun sets on the horizon, casting a warm glow over Carson City, it's evident that this city holds immense potential for real estate investment.
Henderson: A haven of growth and prosperity
Welcome to Henderson, a city that seamlessly blends a thriving real estate market with an abundance of opportunities. Henderson's population has been steadily growing, with a 0.98% annual growth rate. As the second largest city in Nevada, Henderson's population of 328,516 reflects its appeal and desirability[5].
The housing market in Henderson experienced an 8.0% decrease in home prices compared to the previous year, with a median price of $460K in May 2023[6]. Despite this decrease, Henderson remains an attractive market for both residents and investors.
Henderson's economy is a powerhouse, drawing from a workforce of 170,000 and a population of 2.3 million in the Las Vegas metro area[7]. The city's pro-growth state, tax structure, and business-friendly environment attract businesses and professionals from various industries. Sectors such as healthcare, advanced manufacturing, technology, and business services are on the rise, offering diverse investment opportunities.
When you choose Henderson, you're not just investing in real estate but also in a vibrant community that offers a high quality of life. With abundant outdoor recreational activities, a vibrant downtown scene, and exciting professional sports, Henderson has something for everyone.
Las Vegas: Unleash your investment potential
Step into the dazzling world of Las Vegas, where the real estate market shines just as bright as the city lights. Las Vegas experienced a 6.3% decrease in home prices compared to the previous year, with a median price of $405K in May 2023[8]. This presents a prime opportunity for investors seeking growth and value.
Las Vegas's population has been steadily growing, with a 2.11% increase in 2023[9] alone. With over 40,000 people moving to Las Vegas each year[10], the city is brimming with potential and opportunities for real estate investment. The city's economy is evolving, with a focus on tech talent and innovation. It has been ranked as one of the nation's top 10 up-and-coming tech talent markets[11]. The favorable tax structure, diverse industries, and job growth attract professionals and businesses alike. Renowned institutions like the University of Nevada at Las Vegas and its tech incubator contribute to the city's future job creation and economic growth.
Beyond the famous Las Vegas Strip, the city offers an affordable cost of living, lack of personal or corporate income tax, and a business-friendly environment. These factors contribute to its growth and make Las Vegas a solid bet for real estate investment.
Mesquite: Discover hidden gems
Welcome to Mesquite, a city that combines small-town charm with the potential for big returns on investment. Mesquite's population has been steadily growing, with a 2.71% annual growth rate[12]. With a population of 22,322 in 2023[13], the city's allure continues to attract new residents and businesses.
The housing market in Mesquite experienced a 14.3% decrease in home prices compared to the previous year, with a median price of $374K in May 2023[14]. This provides an affordable entry point for investors looking to capitalize on the city's growth and potential.
Mesquite's economy is driven by local businesses that offer a range of services, from telecommunications and Asian cuisine to plumbing services. The city's affordable cost of living and abundance of amenities make it an attractive place to call home. Mesquite's economy is poised for expansion with a projected job growth rate of 40.3% over the next ten years[15].
Reno: A thriving hub of opportunity
Welcome to Reno, a city that pulsates with energy and opportunity. Reno's population has been steadily growing, with a 1.79% annual growth rate[16]. As the fourth largest city in Nevada, Reno's population of 278,577 reflects its appeal and vibrancy[17].
The housing market in Reno experienced a 7.4% decrease in home prices compared to the previous year, with a median price of $525K in May 2023[18]. This provides a range of options for investors looking to capitalize on the city's growth and potential.
Reno's economy is primarily driven by the trade and service sector, employing approximately 65% of the workforce[2]. As Reno diversifies its business base, distribution, warehousing, and manufacturing industries are gaining traction. With its well-connected transportation system, favorable tax structure, and ongoing revitalization efforts, Reno offers a conducive environment for businesses to thrive.
Beyond its economic prospects, Reno boasts a vibrant cultural scene, abundant outdoor recreational activities, and a downtown area undergoing revitalization. With over $30 million invested in modernizing and beautifying the city's infrastructure[20], Reno is creating an inviting space for residents and businesses alike.
Final thoughts
As you embark on your real estate investment journey in Nevada, Kiavi is here to support you every step of the way. We understand each market's unique opportunities and challenges, and our flexible financing solutions are tailored to meet your investment needs. Together, let's unlock the potential of Nevada's real estate markets and write your success story.
Remember, Kiavi is your Nevada lending partner for your real estate investment needs. Let's make your investment dreams a reality in the Silver State.
Sources:
1,2 World Population Review. "Carson City, Nevada Population 2023," n.d.
3 Redfin. "Carson City Housing Market," n.d.
4 Carson City Chamber of Commerce. "Carson City Economy," n.d.
5 World Population Review. "Henderson, Nevada Population 2023," n.d.
6 Redfin. "Henderson Housing Market," n.d.
7 Henderson Economic Development. "Why Henderson: Workforce," n.d.
8 Redfin. "Las Vegas Housing Market," n.d.
9, 10 Macrotrends. "Las Vegas Metro Area Population 1950-2023," n.d.
11 Brian Boucher. "Tech, tourism, and low taxes: real estate investing in Las Vegas," Mynd. June 22, 2022
12, 13 World Population Review. "Mesquite, Nevada Population 2023," n.d.
14 Redfin. "Mesquite Housing Market," n.d.
15 Sperling's Best Places, "Economy in Mesquite, Nevada," n.d.
16, 17 World Population Review. "Reno, Nevada Population 2023," n.d.
18 Redfin. "Reno Housing Market," n.d.
19, 20 City of Reno. "Reno's Economy," n.d.