LAS VEGAS (KTNV) — Housing prices across the valley have continued to climb in recent years.
According to September statistics from Las Vegas Realtors, the median price of existing single-family homes sold in Southern Nevada was $479,900.
Last September, that number was $450,000, which means prices have jumped 6.6% over the last year. However, that is still below the all-time record of $482,000, which was set in May 2022.
Local and state officials have been trying to find solutions to bring more affordable housing to the valley.
One proposed solution is for the federal government to release land.
In the map below, the yellow areas are Bureau of Land Management (BLM), or federally-owned, land in Nevada, which is most of the state.
Earlier this month, BLM officials sold 20 acres of public land for $100 per acre to Clark County, which is below market price. The land was appraised at almost $20 million.
The county is planning to build affordable housing on that land, which is located at Cactus Avenue, between Rainbow and Buffalo.
Clark County officials have named this development Cactus Trails. The land will soon house 210 single-family homes along with walking trails, a playground, and other amenities. County officials say those homes will be sold to first-time homebuyers that earn at or below $70,000 a year.
"Clark County has invested millions of dollars to foster development of affordable housing for working families and seniors on fixed income within our community," said Clark County Commissioner Justin Jones. "Cactus Trails will be a first-of-its-kind development in our community, aiming to offer affordable homeownership opportunities to working families."
The property is being developed by Kavison Homes, which is expected to submit plans for the project this fall.
After the homes are built, each qualified homeowner will purchase the home and the county will maintain ownership of the land.
This isn't the first time the federal government and county have worked together on projects like this.
In 2023, BLM land was given to Clark County and the Pebble Eastern Senior Apartments were built there.
As for potential homeowners, the Nevada Housing Division recently celebrated the 30,000th home that was purchased through the Home Is Possible program.
The program was created in 2014 and was designed to help people who can afford a monthly mortgage payment but struggle to save for a down payment.
"[This many] homes in 10 years is an astonishing milestone that demonstrates a major accomplishment for any program, and it's proof that our approach is working," said Gov. Joe Lombardo. "We're giving more Nevadans a shot at owning a home, which strengthens our communities and our state as a whole."
