Is Buying A House In Henderson, Nevada A Good Investment? (2024)
As we enter 2024, homebuyers and investors want to know whether buying a house in Henderson, Nevada is a good investment.
Our answer is generally yes. Based on current market trends, buying a house in Henderson presents a favorable opportunity in 2024.
Note: Henderson is currently in a seller’s market characterized by substantial demand and limited inventory, so some buyer caution is advised.
Henderson Nevada’s Growing Population
Henderson’s population is growing. In fact, it’s one of Nevada’s fastest-growing cities. According to data from the U.S. Census Bureau, the city had an estimated 317,610 residents in 2020.
Compare this to 2018, when the city’s population was 291,346. This represents an increase of approximately 26,264 residents over two years.
We anticipate this trend will continue, as Henderson has seen population growth for the last 20+ years, according to Neilsberg.
This is a good signal for home investors, as population growth drives demand for housing, property value appreciation, and a more dynamic real estate market.
Henderson’s Housing Market Is Strong
Henderson’s housing market is experiencing sustained demand, as evidenced by rising home prices and rapid sales. Let’s look at some quick figures.
Currently, the median sale price in Henderson is approximately $475,000. This is significantly higher than the 2023 median sale price of approximately $452,000.
Additionally, Henderson homes sell within an average of 38 days compared to 40+ days last year.
Henderson Is Currently In A Seller’s Market
At present, Henderson has an estimated two-month supply of available homes.
A housing supply of fewer than six months typically favors sellers because buyers are forced to compete for limited available properties.
Investors looking to secure properties in Henderson should be prepared for limited negotiating power and the possibility of paying above the asking price. Caution is advised before making offers in this environment.
Will Henderson Housing Prices Decrease?
Not likely. The average approximate home value in Henderson in 2024 has reached $486,000, up from $459,000 the previous year.
Similarly, the approximate median sale price in 2024 has risen to $475,000, up from $452,000 last year.
All signs indicate that upward trends will continue.
Will Henderson Housing Prices Rise?
We believe Henderson’s housing prices will continue to rise in the foreseeable future.
Key reasons include the persistent low housing inventory, Henderson’s population growth, and the city’s appeal as a residential destination.
Regarding Henderson’s residential appeal: The city has a lower crime rate than Las Vegas. Additionally, it’s considered safer than many cities across the country with comparable population sizes. This makes Henderson a desirable destination for homebuyers.
Lastly, Henderson’s location near Las Vegas offers residents fairly quick access to a diverse job market.
Reasons Why People Are Moving To Henderson
Cost of Living
Henderson residents benefit from everyday savings, thanks to goods and services priced below the national average. But there are some costs to consider. Housing, utilities, and healthcare are higher than the national average.
Henderson House Prices Compared to the National Average
According to the NAR’s Las Vegas-Henderson-Paradise Area Local Market Report First Quarter of 2024, the median sales price of existing single-family homes reached $465,400 back in Q1.
Compare this to the national average of $420,800 for the same period.
Henderson’s higher home prices are partially offset by Nevada’s advantageous tax policies, which include no state income tax and low property tax rates. These policies give homebuyers and investors an opportunity to save money while building long-term value.
Job Opportunities and Employment
Henderson is located in Clark County, which is the center of Nevada’s economic activity and home to most of the population. Clark County has approximately 2.3 million residents, comprising nearly three-quarters of the state’s population. It also attracts over 45 million visitors each year.
What does all this mean? Answer: More jobs. According to a recent report from the Nevada Department of Employment, Training, and Rehabilitation (DETR), the labor force in Las Vegas grew by 16,977 people from March 2023 to March 2024.
Currently, the unemployment rate in the greater Las Vegas area stands just above 6 percent, as per the Federal Reserve Bank of St. Louis, indicating a relatively stable job market.
Henderson Healthcare Industry
Henderson has a growing healthcare sector with several notable medical facilities. Medical centers in Henderson, NV include:
- Henderson Hospital
- Dignity Health – St. Rose Dominican, Rose de Lima Campus
- Dignity Health – St. Rose Dominican, Siena Campus
- Seven Hills Hospital
- Encompass Health Rehabilitation Hospital of Henderson
Leisure and Hospitality
Henderson’s leisure and hospitality sector benefits greatly from Las Vegas’s tourism industry.
The city offers a more relaxed alternative to the Strip, although it also has an incredible, high-energy entertainment scene. Henderson’s offerings are diverse, from public events at Water Street Plaza to nearby wilderness recreation.
The relationship between Henderson and Las Vegas’s tourism corridor has spurred the development of hotels, resorts, and entertainment venues in Henderson, strengthening the local job market tremendously.
Las Vegas’s Metropolitan Area Is Where The Money Is
Las Vegas’s Metropolitan Area, which includes Henderson, accounts for a major portion of the state’s economic activity and wealth concentration.
This translates to enhanced infrastructure, improved services, and an overall higher quality of life for Henderson residents.
Weather and Outdoor Activities
Henderson, NV, enjoys approximately 297 sunny days per year, which is significantly above the US average of 205 days. This makes Henderson an ideal location for outdoor enthusiasts.
Local Parks
Henderson offers a variety of well-maintained parks for residents and visitors to enjoy. Notable parks in the city include:
- Henderson Bird Viewing Preserve
- Heritage Park
- Cornerstone Park
- Mission Hills Park
- Anthem Hills Park
- Paseo Vista Park
- Reunion Trails Park
- Madeira Canyon Park
- Aventura Park
Hiking and Biking
The Sloan Canyon National Conservation Area, located on Henderson’s southern edge, offers over 48,000 acres of scenic desert landscape to explore.
Additionally, the River Mountains Loop Trail provides a 35-mile paved trail that is perfect for cycling, and the McCullough Hills Trail system offers 8 miles of multi-use trails.
Water-Based Activities
Lake Mead, which is a reasonably short drive from Henderson, offers several water-based activities, including boating, fishing, kayaking, and swimming. Lake Mead spans an incredible 158,100 acres.
Closer to home, Lake Las Vegas offers paddleboarding, kayaking, and electric boat rentals.
For those seeking a waterpark, the Cowabunga Bay Water Park in Henderson is a great option because it features rides for most ages.
The City of Henderson also has a handful of public pools and aquatic centers, including the Henderson Multigenerational Center. Residents benefit from diverse aquatic programs, which range from swimming instruction to water-based fitness sessions. Programs are available at various locations throughout Henderson at different facilities.
Investing In Rental Properties In Henderson
Henderson, NV, has a substantial rental market with approximately 43,000 renter-occupied units. The demand for rentals in Henderson is strong and is largely driven by population growth and the city’s proximity to Las Vegas.
Why Buy A Rental Property In Henderson?
There are several reasons to invest in a rental property in Henderson, NV. However, there are also some considerations to weigh.
Advantages:
- Strong rental demand with low vacancy rates
- Appreciating property values
- Higher-than-average rents
- Close proximity to Las Vegas
- Favorable tax environment
Considerations:
- High initial investment
- Competitive market
- Property management responsibilities
- Potential market fluctuations
Henderson’s rental market offers great investment potential, but if you’re new to the market, it’s important to work with an expert. For expert local insight, reach out to The Real Estate Guy team. We can help you make informed decisions when investing in Henderson, NV homes.
Buying A House in Henderson FAQs
This section includes information on first-time homebuyers, market trends, and affordable housing options.
What Is The Age of First-Time Homebuyers in Henderson Nevada?
The estimated age is 35 years old, which tracks closely to the national average age of first-time homebuyers.
According to the National Association of Realtors (NAR), in 2023, the average age of first-time homebuyers in the United States was 35.
This reflects an increase in the age of first-time buyers over the past few decades, as the average age was only 29 in 1981.
Are Homebuyers Backing Out of Deals at a Record Pace?
Yes. Recent data indicates that homebuyers are indeed backing out of deals at a record pace in the United States. This trend is likely to impact the homebuying process across the country, including in areas like Henderson, Nevada.
A Redfin report revealed that in June 2024, approximately 56,000 home purchase contracts were canceled, accounting for nearly 15% of homes under contract at that time.
Factors driving this trend include escalating home prices, elevated mortgage rates, and growing concerns over home affordability.
Can You Get A Cheap Investment House for $160,000 in Henderson?
Finding a house for $160,000 in Henderson, Nevada, is challenging but not impossible.
There are properties available under $200,000 in Henderson, though they are limited. These properties tend to be condos, mobile homes, or smaller units.
While these properties exist, they are not typical of the overall Henderson housing market.
Contact Us
To start the process of buying a house in Henderson, visit our Contact page or give us a call.
