LAS VEGAS (KTNV) — Home prices in the valley have just hit a record high.
According to the latest Las Vegas Association of Realtors report for November 2025, home prices broke the previous average median home record high set in 2022 that we hit several times since, including many times this year. The new average median price is $488,995.
Well, it could get better soon for some in our valley.
WATCH | Learn more about the Community Land Trust project
In as little as 8 months, a dirt lot on the corner of Rebecca Road and West Tropical Parkway in the Northwest Valley, will transform into new affordable homes.
Across the street from the project, is Estelle Neal Park. If you're ever there, you'll likely see John Graham.
“We usually come in here and do a couple of laps and then go out an have a big lunch," said Graham who has lived in the northwest valley for the past 4 years.
He's 76 and focused on keeping in good health.
“We’re trying to, working on it," said Graham.
You'll likely see Channel 13 viewer Matthew Grandjean there too.
“I usually run to this park, It’s a great little park to get some water and get a little shade during the summertime," said Grandjean who runs to the park daily.
Both of these men own homes nearby, so they're invested in seeing how this new affordable community turns out.
They both have different perspectives though.
"I think it’s great. It’ll give them an opportunity to get started," said Graham.
"Well, I definitely have some concerns," said Grandjean.
Grandjean along with many others have confusion too and they're questioning what this means for the community.
So, I looked into it and here's how it's supposed to work.
Clark County owns the dirt lot and a developer will build 30 homes on the property. It'll be called Rebecca Place.
Since the county owns the land the home is built on, they are able to keep the prices affordable, selling each of these homes for $300,000.
It's called a Community Land Trust (CLT) and it's the first one in our valley. The county broke ground on the project Wednesday.
The developer says there are 3 different floor plans. One is roughly 1,980 square feet, another is 2,100 square feet and the largest one is 2,350 square feet.
They say more than 20 of them will have three car garages and the homes will look like others in the neighborhood.
How do you buy one of the homes? You will have to fit several requirements:
- You need to be a Clark County resident.
- Only First-time homebuyers can qualify.
- Income limits
- 80-100% of the average median income
- That's around $81,600 - $102,000/year for a family of four, according to the U.S. Department of Housing and Urban Development Fiscal year 2025 Adjust Home Income Limits Report.
- 80-100% of the average median income
- Credit history will be looked at
- You'll have to attend an orientation
- You will also have to complete a homebuyer education class.
There are a few other requirements they may look at as well.
If you check all of these boxes, then you will be allowed to apply on this site.
The application process is not expected to open up until they are closer to making the homes available. The developer says at least 10 homes should be built and ready for purchase in around 8 months. That would mean July 2026.
New affordable homes coming to northwest valley, how you can buy one
If you apply and qualify, your name will be entered into a lottery. Local leaders who work with the county told me, the only advantage one could have in the lottery is the amount of time they've been a resident of Clark County, meaning the longer you've lived here, the better chance you could have.
Once someone is selected, they would go through a normal process of buying a home.
These homes will have a fixed 30-year mortgage rate.
Despite having a decreased price compared to market rate for these homes, big differences come with selling.
Each homeowner will have to live at the property for at least 5 years before attempting to sell.
The homeowner will still build equity and will take home the appreciation of the house. However, the homeowner will not be able to set the price and won't be able to sell it at market value.
Since the county owns the land, as part of this agreement, the home will remain affordable. This means the county will set the price of the home when it goes up to sale, while it will increase in price, it will be comparable to the deal these homeowners are getting now.
It will then go through the same lottery process to find the next owner and would be sold to them for the agreed upon fixed amount.
The county says they hope for this to be a family's forever home, not a place for owners to purchase and flip for a profit.
This is a system even some who have concerns about this project, are getting behind.
“It raises eyebrows I think not only for me but a lot of other people, the way you’ve explained it to me makes me feel a lot better about it," said Grandjean.
We'll make sure to keep you updated with the progress of this community, along with other similar communities the county is looking to develop, including one in the Southwest valley.
