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Nevada Housing Market Industry Updates

March 8, 2023
Despite rising mortgage rates, the U.S. housing market finally is showing signs of cooling, and the Nevada housing market is no exception.

The U.S. housing market finally is showing signs of cooling, and the Nevada housing market is no exception.

In the Las Vegas metro area, home prices soared through the spring before pulling back later in the second half of 2022, as mortgage rates soared.

The median single-family home price in the Las Vegas metro area in December 2022 was $425,000, down from the May 2022 level of $482,200, according to the Las Vegas Realtors. (The Las Vegas metro area accounts for nearly three-quarters of the state’s population.)

While Nevada’s pace of price appreciation has slowed from earlier in 2022, sellers are experiencing still-strong demand for properties. The state’s combination of a robust economy and attractive taxes mean Nevada continues to attract buyers from around the country, and especially from California and other expensive West Coast markets.

For instance, Nevada added more than 73,000 residents from April 2020 through June 2022, according to the U.S. Census Bureau. California lost more than 500,000 residents in the same period.

Nevada still faces some post-pandemic headwinds. The state’s unemployment rate of 5.2 percent was the highest in the nation in December 2022, according to Labor Department data.

Even so, Nevada real estate has been a good bet for decades. For the three-decade period through the third quarter of 2022, Nevada home prices have risen 295%, according to the Federal Housing Finance Administration.

Those sorts of returns are driving ongoing interest in Nevada’s real estate market, particularly from investors. In one promising sign for landlords, homes are unaffordable for many local workers, a reality that creates demand for rental housing. As of the third quarter of 2022, just 22% of homes sold were in the price range of a median-income family in Las Vegas, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. In Reno, that figure was just 19%.

With the housing market slowing, having a mortgage partner you can trust is more crucial than ever. LendSure wants to help you to originate mortgages in Nevada. We can sign off on approved exceptions quickly and with ease.

To meet the opportunities in Nevada’s mortgage market, LendSure offers some hot loan products that will help you build your business:


  • Non-warrantable condo loans. LendSure prides itself on being a flexible lender, one that qualifies borrowers based on common sense rather than rigid rules. The latest condo guidelines from Fannie Mae and Freddie Mac, introduced in early 2022 to address structural integrity of condo buildings, caused upheaval in the condo market. If you have a borrower whose conforming deal has been rejected or stalled because of the agencies’ onerous rules, we can help. LendSure’s common-sense rules allow for approvals of condo units that the agencies reject, including condotels. Given the unique nature of Nevada’s tourism-driven real estate market, condotels are an attractive investment play.
  • DSCR loans for investment properties. LendSure’s debt-service coverage ratio (DSCR) program is designed to be attractive to property investors. LendSure looks at market rents to qualify the property (instead of considering only currently rented units to support the loan amount), creating an easier path to approval. In other words, not all units need to be rented. LendSure underwrites the investment property based on both current and future rent. For an explanation of our DSCR loans, see this short video. Meanwhile, LendSure has expanded its DSCR program beyond the typical one to four units – we make DSCR loans on properties with up to eight units.
  • Loans for self-employed and 1099 workers. LendSure knows that gig work and self-employment are on the rise – especially in Nevada. Instead of formulating a “one-size” approach catering only to W2 employees, LendSure has designed a specific program to meet the needs of 1099 employees, and the needs of individuals who base their income on tips. The 12-month and 24-month bank statement program can qualify borrowers with loan amounts up to $3,000,000, with LTV up to 90%.


The LendSure Way

It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers and ratios and data to consider, but we know that behind every file, there’s an individual with a unique circumstance seeking a loan.  We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio or refinancing of a currently-owned property.

Are you ready to grow your business? Conforming loan approval guidelines can be restrictive, but we want to offer our mortgage broker partners the education, the tools, support and the guidance they need in order to say “yes” to more of their clients.  This ensures happy borrowers and opportunities for bottom line growth. What are you waiting for? Let’s get started!

Are you ready to benefit from a commonsense approach to lending?  Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.


Contact Us: (888) 707-7811