It's September, and time for another Las Vegas update. For a more comprehensive look at the Las Vegas investment market, please DM me for a link to our blog. There, you'll find detailed information on investing, both in general and specifically in Las Vegas.

Before I continue, note that unless otherwise stated, the charts only include properties that match the following profile.

• Type: Single-family

• Configuration: 1,100 SF to 2,400 SF, 3+ bedrooms, 2+ baths, 2+ garages, minimum lot size is 3,000 SF.

• Price range: $350,000 to $475,000

• Location: All zip codes marked in green below have one or more of our client’s investment properties.

Map of Las Vegas zip codes with Fernwood client investment properties, highlighted in green

What we are seeing:

The chart below, from the MLS, includes ALL property types and price ranges. The overall inventory in 2026 is inching up but still below the 2025 level.

Las Vegas MLS active listing inventory trend, all property types

Rental Market Trends

Rentals - Median $/SF by Month

Rent per square foot has been rising since January 2026. It increased slightly month over month, which is unusual for this time of year, and is now up 4% year over year.

Chart: median rent per square foot by month, Las Vegas

Rentals - Median Time to Rent

Despite rising rents and the end of the summer season, median days to rent remained at a healthy 23 days, down 4% year over year. This indicates continued strength in rental demand.

Chart: median days to rent by month, Las Vegas

Rentals - Months of Supply

Inventory increased MoM, not surprising for the time of year, yet still remained at just 1.3 months. Compared to this time last year, the rental supply is down 32%. This indicates a strong landlord’s market, as rents continue to rise.

Chart: months of rental supply by month, Las Vegas

Sales Market Trends

Sales - Months of Supply

Inventory increased 10% MoM, to 2.3 months. YoY is up 5%. This is not surprising for the time of year and may also reflect a slight slowdown from the recent interest rate hike.

A balanced market is about 6 months of supply, where prices can be expected to remain stable. 2.3 months of supply is still in the seller’s market and puts upward pressure on prices. It also signals strong buyer demand.

Chart: months of sales supply by month, Las Vegas

Sales - Median $/SF by Month

The median price per square foot remained in a tight range near $250. Year over year, it was flat. Persistently high mortgage rates and economic uncertainty have likely kept price growth in check this season.

Chart: median sale price per square foot by month, Las Vegas

Why invest in Las Vegas?

The goal is to achieve and maintain financial freedom. Financial freedom goes beyond simply replacing your current income—it's about sustaining your lifestyle for life. To accomplish this, you need an income that outpaces inflation. Otherwise, you won't have the additional funds necessary to cover rising costs of goods and services.

Supply & Demand

What causes rents and prices to increase? Unlike financial markets, real estate prices and rents are driven by supply and demand. Here's the supply and demand situation in Las Vegas.

Supply

Las Vegas is unique because it is a tiny island of privately owned land in an ocean of federal land. See the 2022 aerial view below.

Aerial view of the Las Vegas Valley showing limited private land relative to surrounding federal land

Very little undeveloped private land is left in the Las Vegas Valley, and desirable areas cost more than $1 million per acre. Consequently, new homes in these locations start at $550,000. Homes that appeal to our target tenant segment range from $350,000 to $475,000, so the supply of housing we target remains almost the same regardless of how many new homes are built.

Demand

Population growth drives housing demand and price increases and rent increases. Las Vegas's average annual population increases by 40,000 to 50,000. What attracts people to Las Vegas? Jobs. Ongoing construction projects valued between $26 billion and $30 billion fuel employment opportunities. The most recent job fair featured over 20,000 open positions.

Bottom Line

Nothing is guaranteed, but population growth combined with limited land for expansion makes further increases in prices and rents likely.

Thanks for reading my post. Reach out if you have questions or would like to discuss investing in Las Vegas.