Nevada has more than 123K vacant homes, report says

Nevada has approximately 123,945 vacant housing units as of the end of 2023, according to a new study.

This puts Nevada 34th in the nation when it comes to the overall vacancy rate (9.48 percent); however the state did have the sixth highest increase in its vacancy rate from 2022 to 2023, according to a new study from Lending Tree, which used U.S. Census Bureau data.

Nevada has a total of 1.3 million housing units and 1.1 million of them are occupied, according to the study. Maine has the highest vacancy rate of any state at 21 percent, followed by Vermont (20 percent) and Alaska (18.2 percent). In terms of sheer volume of vacant homes, Florida tops the list with 1.5 million vacant homes, followed by Texas (1.1 million) and California (1 million).

“Homes are classified as vacant if they’re used for seasonal, recreational or occasional use — and all three of the top three states with the highest vacancy rates have a large percentage of these types of properties due to their locations, weather and recreation opportunities,” the study states. “In addition to seasonal and vacation homes, others are classified as vacant because they’re in transition — those that are rented but not occupied and sold but not occupied. Homes for migrant workers, which they occupy during crop season, are also classified as vacant.”

The Las Vegas Valley’s housing crisis has got progressively worse since 2019 before the pandemic started. The average price of a house has essentially doubled. The Las Vegas Realtors reported the median home sale price is $480,000, just below the record high that was set to start the year.

Nationally, the study explained the breakdown of the nation’s vacant homes, which sits somewhere around 14.9 million.

“While high vacancy can sometimes indicate economic hardship, in these states, it often coincides with high buyer demand and new construction to satisfy that demand. This means homes are being built or purchased as second homes, rather than for full-time residency,” read the report.

The overall housing vacancy rate for the country sits at 10.4 percent and the report from Lending Tree said this doesn’t mean a lot of choice for people.

“At first glance, that figure might suggest an abundance of available housing, but for those actively searching for a place to live, it often doesn’t seem that way — and for good reason,” it read. “The study found a significant portion of these vacant properties are not listed for sale or rent. Some are seasonal homes, some are undergoing renovations, and others are simply being held as investments. As a result, the pool of truly available homes is much smaller than the headline number suggests, making the hunt for affordable, accessible housing more challenging than the national stats might imply.”

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.