LAS VEGAS (KTNV) — A new study said Las Vegas is the least stable housing market in the country.
According to the data from "Construction Coverage," the most volatile states for real estate are Nevada, Georgia, Michigan and Arizona, with a random buyer having at least a 40 percent chance of seeing a price decrease greater than five percent at some point.
The study said that over the past 25 years, the largest drop in median home prices in Las Vegas Metro has been seen at 63.9 percent.
I asked Bob Hamrick, Chairman and CEO of Coldwell Banker Premier, about this study.
"I'm hearing that we have a balanced market now," Hamrick said. "We do have a balanced market when you look at the period of time. It's over a 25-year period of time. When you look at that period, there were two monumental events that took place then— both of which had significant impact on Las Vegas."
One was the Great Recession, which impacted housing significantly, and the other was the pandemic. So, you can't take those two out. But if you did, you would see a very consistent trend to the positive.
The study said South Dakota, Oklahoma, Alaska, Iowa and Vermont are the five states that never saw median home prices drop more than five percent at any point over the past 25 years.
