Nevada’s Housing Crisis Has a Villain. It’s Not Who You Think.
In a recent Las Vegas Review-Journal op-ed, Willow Manor’s Zach WalkerLieb argues that blaming investors for Las Vegas’s housing crisis misses the real problem. UNLV data shows the region has underbuilt for 15 years, with construction down more than 60 percent since 2010. The deeper issue: 80 percent of Nevada’s land is federally controlled, limiting supply at the source. WalkerLieb makes the case that Nevada gaining control of its own land is the single most important step toward lasting affordability.
National home equity is falling, but Las Vegas bucks the trend. While U.S. household real estate values dropped $361 billion in Q3 2025 and equity-rich homes declined nationwide, Vegas homeowners maintain strong positions with just 0.5% distressed sales.
Our market's resilience stems from locked-in low mortgage rates (averaging 4%), economic diversification, zero state income tax, and sustainable price growth. Unlike Sun Belt markets experiencing sharp corrections, Las Vegas prices are down only 2% from peaks—a healthy normalization, not a crisis. Local homeowners should feel confident despite concerning national headlines.