There’s been a rush of real estate agents headed for the Silver State — though it’s doubtful they flooded into Las Vegas, now suffering a residential real estate slump.
Nevada has added more real estate agents to its ranks than anywhere else in the nation, the Las Vegas Review-Journal reported, citing a new study by Flatworld Mortgage Solutions based on U.S. Bureau of Labor Statistics figures.
The state added 1,140 agents from 2022 to last year, topping Tennessee, second with 850; followed by Missouri with 770.
The states that lost the most real estate agents were California, down 8,160; North Carolina, down 5,870; Texas, down 3,190; and Florida, which lost 1,350 agents.
Nevada’s top ranking is a sign of the growth of greater Las Vegas, including population and commercial investment, according to Merri Perry, president of Las Vegas Realtors.
“Studies like this one suggesting that the number of Realtor jobs in Nevada increased through 2023 reinforce our state’s reputation for being a strong real estate market with a growing economy,” Perry told the Review-Journal.
“While the housing market may have slowed a bit in the past two years, Las Vegas Realtors and its members still appreciate the fact that Southern Nevada has a range of advantages over other parts of the country.”
That doesn’t, however, necessarily mean more agents in recent years in the Las Vegas metro market.
According to the Realtors group, Las Vegas agent membership has been dropping — not rising — around Las Vegas.
The number of licensed members fell to 16,332 last year and now stands at 15,920, compared to 16,967 licensed members of the trade association in 2022.
An unidentified LVR spokesperson said the number of agents usually is a gauge of the health of the overall residential market — and based on the numbers, more agents are being added outside of Southern Nevada.
Rajeev Kumar, an executive vice president at Flatworld, said a number of things could be contributing to the local real estate industry, including a favorable climate and affordable living options.
“Nevada’s leadership in real estate agent job growth could be attributed to its thriving economy, rapid population growth, and strong demand for housing,” he told the newspaper.
The typical sale price for a single-family home in Las Vegas last month was $479,900, a 6.6 percent increase from September of last year and close to the all-time record of $482,000.
But supply continues to outpace demand in Southern Nevada as homes are sitting on the market without offers longer, and sales continue to drop, according to the latest figures from Las Vegas Realtors.
The number of homes sold in September fell 16.2 percent from the previous month and 1.6 percent from September of last year, according to LVR.
Last year Las Vegas’ housing market had its worst year of sales since the Great Recession in 2008, according to the Review Journal.
— Dana Bartholomew
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