Las Vegas Housing Market Braces for California Wildfire Evacuees as Home Prices Hold Steady
The California wildfires sweeping across Los Angeles have already displaced thousands of residents, destroying homes and businesses. Because it could take years to rebuild California’s burned areas, many families might need to think about moving for good. Insurance claims from California’s fires have hit $20 billion. When you add up all the damage, costs could jump to $275 billion, making lots of families think hard about returning or rebuilding.
Real estate agents across Nevada are getting ready for a flood of LA residents looking to escape devastating California wildfires. Many may look at Las Vegas as their future home. Areas like Summerlin and Henderson, which offer similar perks to LA, are prepared, but the big rush hasn’t kicked off yet.
Nathan Fosburg, a real estate agent at Realty ONE Group, is keeping tabs on local market patterns. He expects prices in Southern Nevada to stay level and doesn’t see any big shifts coming in the Las Vegas housing market until late 2025 or possibly 2026.
“Through this next year, I think home prices are just going to stay stabilized and then as we go further towards the tail end of 2025. If not into 2026 is when I think that home prices will start to increase,” Fosberg told KSNV 3 News.
In Nevada, houses typically sell for $461,700—up 5.8% from 2023. Buyers can expect homes to sit on the market around 38 days, much less time than in California’s real estate market. The Nevada housing market remains stable. That small 5.8% bump shows steady growth, unlike the crazy swings hitting other Western states.
New housing keeps popping up all over Southern Nevada. This building boom means more choices for people looking to stay short-term or settle down.
All across Southern Nevada, support groups are hard at work. Housing organizations have set up special programs to help displaced families start fresh. The Greater Las Vegas Association of Realtors is running rental assistance programs through January for people affected by fires. Fosburg’s office dropped rental fees for families who need quick housing in Las Vegas.
