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Housing Market in Henderson, Nevada (2024)

Are you an investor or just looking to buy a home in the Las Vegas area?

Well, there’s good news and bad news.

The good news is that the housing market in Henderson, Nevada, is continually growing and promises significant returns on your investment.

Unfortunately, for people who do not plan to build their portfolio on the real estate market, but simply want to own a home, becoming a homeowner in the city will be quite expensive.

But enough about the superficial details, let’s dig deep into the Henderson housing market. All the trends, dynamics, market influences, predictions and how it compares to other cities are highlighted.

Current State of Henderson, NV Housing Market

Starting in July 2024, residents and investors will face a competitive housing market in Henderson, NV.

Key statistics about the real estate market in Henderson, NV

  • Average Home Value: $495,000
  • For sale inventory: 1,401
  • Average rent: $2,284

Home values ​​in the city have risen nearly 8% from last year’s $460,000 in May. Even with that increase, the average home inventory spends 38 days on the market before it sells.

Renters aren’t exactly being left out of the market chaos either. The current average price in May 2024 is $16 lower than the year before.

Types of houses Cost
Media Home Value Single-family homes $529,500
Apartments $280,000
Multi-family homes $393,750
Townhouses $388,959
Average rental prices Houses $2,440
Apartments $1,522
Apartments $1,522
Townhouses $2,100

Remark:

A detailed chart shows that rents are more stable in the high margins this year compared to the dips and highs of 2023.

Market Dynamics: Buyers or Sellers?

The median home price ratio in Henderson, NV to buyers is somewhat competitive and has deteriorated over the past year.

While the market is still significantly slower than the state average in terms of the speed at which homes are selling, sellers are keeping a close eye on the Henderson, Nevada housing market.

In May 2023, homes that normally stay on the market for 49 days spent only 38 days on the market, despite steady increases in price and supply.

  • Median Asking Price: $554,816
  • Median Sales-to-List Ratio: 0.989
  • Number of houses sold: 594 (May 2024)

According to moving company data, April is the best time of year if you want to sell your house as quickly as possible and for the highest price.

Pro tip:

Even if you hire professional movers for your move to Henderson, we advise against purchasing a home in the second quarter of the year.

Henderson Neighborhood Review

It’s not all about deep pockets and high real estate prices in Henderson. Sure, some neighborhoods have similar cost prices to Beverly Hills, but others are more within reach of the bourgeoisie.

Here’s a side-by-side list of the most expensive and most affordable neighborhoods in the city

The most expensive neighborhoods The most affordable neighborhoods
Ascaya Gibson Sources
Roma Hills Pitman
MacDonald Highlands Clark County
Seven Hills City location
Anthem Country Club Green Valley North

Factors Affecting the Housing Market in Henderson, NV

The growth in real estate appreciation may seem small in percentage terms over the course of 1 year. But when you look at how the market has evolved over 5 years, you start to see a different story.

In May 2020, in the midst of the pandemic, the median market value of homes in Henderson was $345,000, representing a growth of 43.48% over this 4-year period.

How do you explain this increase?

What determines the average house price in Henderson, NV?

As Nevada’s second-largest and most populous city, Henderson has established itself as a powerhouse in the state. With economic growth surging, data shows that between April and June ’24, approximately 10,000 new residents moved to the city.

A larger migration graph from ’21 – ’22 shows a population growth of 2.19% from 311,250 to 318,063. Currently the estimated population of Henderson in ’24 is approximately 343,382 residents.

These figures show that the city’s population is constantly increasing, which creates more demand for housing and thus an increase in market value.

  • Supply-demand ratio: Low inventory

While the number of new homes for sale looks high and the total number of homes for sale exceeds a thousand, Henderson’s inventory remains limited.

For a balanced real estate market, the ratio of homes sold to active listings should hover between 0.12 and 0.2. Anything higher indicates a seller’s market.

Unfortunately, Henderson’s ratio is around 0.989, indicating a strong market where sellers are accepting the highest offers for homes before selling them.

Living in Henderson is already quite expensive compared to most other cities in the country, at 9%, and the market seems to be the reason. The city’s working population has grown year-over-year, with a difference of +3.5% in the past year.

Future projections for Henderson indicate an increase of 42.07% over the next ten years, meaning that unemployment and poverty rates will be lower. Healthcare, biotech, education, and manufacturing are the leading industries here compared to the entertainment scene of Las Vegas.

Given the low supply and the median household income of $85,311 (which is expected to grow), agents and sellers have the upper hand in bidding wars for homes in the city.

  • Limited availability of land

Contrary to what you might think, there is a limit to the amount of land suitable for development in Henderson.

The city is located in the Mojave Desert, with mountains and landscapes that are not exactly ideal for development.

In addition, zoning plans and regulations determine how and where certain construction activities may take place, making it more difficult to build more houses.

Market comparison with other areas

The Henderson market is currently very popular and can be a good time to invest depending on how well you can estimate and predict future outcomes.

But how well does it perform compared to other areas?

Henderson Boulder City Las Vegas
Median home value $495,000 $410,000 $440,000
1-year change in value +7.6% -9.94% 7.4%
Days at the market 38 38 41
Average rental price $2,284 $1,235 $2,075
Average household income $85,311 $76,402 $66,356
Living expenses (vs. national average) +9% -1% +1%

Henderson Market Predictions for 2024

Savvy real estate investors and market analysts predict that prices in Henderson, Nevada, will continue to rise throughout the year.

However, if the factors influencing the current market were to change, valuation shifts would be inevitable.

A smaller minority predicts a slight, moderate impact on the market in the coming months, leading into next year. These predictions come from factors that point to continued increases in mortgage rates and the availability of more inventory.

Remark:

Based on current market charts and economic relevance, a continued seller’s market is the most likely outcome. At this time, there are no new policies or sufficient developments to suggest otherwise.

Summary—Henderson, NV, Housing Market

There are already over 340,000 people living in the Henderson area and the percentage of immigrants arriving here is positive. It is a real estate agent’s paradise in this city.

The numbers and statistics are clear: the housing market in Henderson, NV, is hot, with an average of 38 days on the market, even with a home value of $495,000. The city’s year-over-year forecast points to continued growth, at least within the next few months.

However, remember that nothing is certain about market prices. One major policy change or natural disaster can affect the entire housing landscape in the blink of an eye.

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