No one understands the real estate market – it’s confusing and based on too many variables.
All we can do is look back at data and try to determine “what happened” in order to hopefully predict the future.
Pahrump Nevada is a growing area, transitioning away from a destination for seasonal RV residents and retirees.
While we do not entirely understand why the market is doing better in Pahrump than Las Vegas, there are many theories. But this is just the data presented to you from the local MLS board of Realtors.
Ian Bayne is a real estate appraiser who lives in Pahrump.
He has been in the real estate appraisal business since 2002.
He can be reached at 702-907-6516 for appraisal consultation or residential appraisals in Pahrump.
Market Data from June 14, 2023
Being a distance away from Las Vegas, Pahrump is not considered part of the Las Vegas real estate market; however, it is part of the Greater Las Vegas MLS system.
This data comes from the MLS system that is run by the local branch of the Realtor association.
NUMBER OF SALES IN PAHRUMP OF HOMES
| Number of sales in Pahrump of single family homes (not manufactured) | |||||
| June 2022 – June 2023 | 535 | ||||
| June 2021 – June 2022 | 799 | ||||
| this is a 49% decrease in sales | |||||
| Number of sales in Pahrump of single family homes (MANUFACTURED HOMES) | |||||
| June 2022 – June 2023 | 419 | ||||
| June 2021 – June 2022 | 553 | ||||
| this is a 31% INCREASE in sales | |||||
MEDIAN VALUE OF PAHRUMP HOMES
| MEDIAN price for Pahrump single family homes (NOT Manufactured homes) | |||||
| June 2022 – June 2023 | $325,000 | ||||
| June 2021 – June 2022 | $335,000 | ||||
| this is a 3% DECREASE in price | |||||
| MEDIAN price for Pahrump single family homes (MANUFACTURED homes) | |||||
| June 2022 – June 2023 | $190,000 | ||||
| June 2021 – June 2022 | $180,000 | ||||
| this is a 5% INCREASE in price | |||||
Comparing with Las Vegas
Because of the size of the Las Vegas market, we will look at May 1 – June 1 of 2023 and compare it with May 1 – June 1 of 2022.
May – June 2023: (2,223 sales) Median value is $370,000
May – June 2022: (2,828 sales) Median value is $425,000
This shows a 14% decline in prices in the Las Vegas market (excluding Boulder City), while Pahrump experienced only a 3% decrease.