Five years ago, Las Vegas’ housing market was red-hot. Homes sold rapidly, as buyers flooded properties with offers and routinely paid over the asking price. One agent said he held an open house that drew so many people that local security did crowd control. Soon enough, however, the market had slammed the brakes, as sales totals plunged and prices tumbled.

Local experts Cameron Belt, the senior economist and research director for RCG Economics, and Shawn McCoy, Ph.D., director of the Lied Center for Real Estate at UNLV, will analyze and discuss potential solutions to this critical issue facing our community.

The federal government’s restrictive control of a fair chunk of the remaining land left for development in the Las Vegas Valley is now weighing heavily on the region’s housing market, according to multiple sources.

New numbers from the UNLV Lied Center for Real Estate show apartment prices in Clark County are down 2.8% from last year and more than 6% from their 2022 peak. Data from Apartment List shows the average rent in Clark County now sits around $1,423, down about 3.5% from last year. Despite the cooling market, landlords are offering record-breaking incentives to fill empty units rather than slashing prices across the board. The Lied Center for Real Estate reports incentive rates in Clark County are now the highest on record since 2000.

It’s a challenging time for the Las Vegas homebuilding community and a gathering Thursday gave the industry a chance to share their thoughts on possible fixes and solutions.

Leaders presented new data on supply, demand, and what’s driving prices across Southern Nevada, discussing workforce housing, infrastructure needs, and how continued growth could impact everything from water to tourism.