Nellis Air Force Base, Las Vegas, NV—89115
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Nellis Air Force Base, Las Vegas, NV
As of Oct '25, the median home price in Nellis Air Force Base, Las Vegas, NV is $325,000, with a year-over-year change of -1.0%. This indicates that home prices in Nellis Air Force Base, Las Vegas, NV are decreasing. According to Zillow, the 1-year price projection is 0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $325,000 | -1.0% |
| Single Family | $336,000 | -1.5% |
| Condos | $174,000 | -5.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $198,000 | -2.5% |
3 Bed | $325,000 | -1.5% |
4 Bed | $356,000 | -1.1% |
| 5 Bed | $421,000 | -0.7% |
% of Housing Stock
Rental Trends — Nellis Air Force Base, Las Vegas, NV
As of July '25, Rentcast reports the average rent in Nellis Air Force Base, Las Vegas, NV is $1,480, with a year-over-year rent change of 1.4%. Per bedroom, the median rent as of July '25 in Nellis Air Force Base, Las Vegas, NV is studios: $2,080, 1-bedrooms: $987, 2-bedrooms: $1,180, 3-bedrooms: $1,770, 4-bedrooms: $2,200. The most common rental property sizes in Nellis Air Force Base, Las Vegas, NV are 2-bedroom and 3-bedroom, accounting for 39.5% and 31.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,380 | $1,480 |
| Studio Rent | $950 | $2,080 |
| 1 Bed Rent | $900 | $987 |
| 2 Bed Rent | $1,150 | $1,180 |
| 3 Bed Rent | $1,750 | $1,770 |
| 4 Bed Rent | $1,940 | $2,200 |
% of Rental Stock
Property Listings — Nellis Air Force Base, Las Vegas, NV
As of Oct '25, Realtor.com reports that the median days on market for a home in Nellis Air Force Base, Las Vegas, NV is 47. This is a increase of 21.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 34.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $340,000 | -1.0% |
Listing Count | 143 | 21.0% |
| Listings as % of Homes | 0.5% | 21.0% |
Days on Market | 47 | 21.0% |
Demographics — Nellis Air Force Base, Las Vegas, NV
As of the latest ACS Survey released in 2023, Nellis Air Force Base, Las Vegas, NV has a population of 66,800, which has increased by 8.0% over the past 5 years. Nellis Air Force Base, Las Vegas, NV is a popular place for families, as children make up 33.3% of the population. The area has a poorly educated workforce, with 9.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 66,800 | 8.0% |
% Under 18 | 33.3% | 0.3% |
% Seniors | 7.5% | 36.4% |
% WFH | 4.1% | 925.0% |
% w/ College Degree | 9.4% | 28.8% |
As of the latest ACS Survey released in 2023, Nellis Air Force Base, Las Vegas, NV is a predominantly hispanic area, with 52.4% of the population identifying as hispanic. The hispanic population has shrunk by 3.9% in the last 5 years. The second most common race or ethnicity in Nellis Air Force Base, Las Vegas, NV is black, making up 21.8% of the population. Foreign-born residents account for 22.4% of the population in Nellis Air Force Base, Las Vegas, NV, and this percentage has decreased by 14.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 17.0% | -8.6% |
% Black | 21.8% | 5.8% |
% Hispanic | 52.4% | -3.9% |
% Asian | 2.7% | 0.0% |
% Foreign Born | 22.4% | -14.5% |
Mortgage and Risk — Nellis Air Force Base, Las Vegas, NV
According to HUD data as of 2023, there were 488 mortgage originations in Nellis Air Force Base, Las Vegas, NV, of which 53.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 57.0% above 90% LTV (very high). This implies large mortgage risk in Nellis Air Force Base, Las Vegas, NV. Investor activity is low, as 3.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 488 |
% Conventional Loans | 53.0% |
% Government Loans | 47.0% |
% Investor Loans | 3.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Nellis Air Force Base, Las Vegas, NV
As of 2024, the percent of homes in Nellis Air Force Base, Las Vegas, NV under the Section 8 program is 6.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Nellis Air Force Base, Las Vegas, NV, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 934 |
Total Units Section 8 | 729 |
% Rentals under Section 8 | 6.3% |
% Occupied Section 8 | 98.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $340 | $900 | $1,240 |
| 2 Bedroom | $330 | $1,150 | $1,480 |
| 3 Bedroom | $340 | $1,750 | $2,090 |
| 4 Bedroom | $520 | $1,940 | $2,460 |
Affordability — Nellis Air Force Base, Las Vegas, NV
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.2 |
| Median Home Price | $325,000 |
| Median Household Income | $49,600 |