Building Costs Per Square Foot in the State of Nevada, USA

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Nevada 3571 Lambert Avenue #95 North Las Vegas NV89084 - Built in 2022 - Price $447,990 (2)

Newly Built House in Nevada 3571 Lambert Avenue #95 North Las Vegas NV89084 – Built in 2022 – Price $447,990 (2)

Residential Construction Market Analysis in the State of Nevada, USA

Building costs are 1% above the national average in the state of Nevada, and equivalent to the states of Michigan and Colorado. Construction costs in Kansas, Ohio, Washington, Wisconsin, Delaware, Louisiana and Maryland are closer to Nevada by a deviation of 1%. If you can hear the noise of the cards being shuffled and the betting machines giving jackpots, in the middle of the silence of the desert, then that means you are in Nevada!

Not everything is desert or gambling, in fact, Nevada has a large number of inhabitants in Las Vegas and in the surrounding cities. This means that the real estate market is constantly working: either because of new people who come to live or because of the tourism hotel industry that does not stop growing.

We will dedicate this article entirely to the state of Nevada and its real estate market. From prices of the different properties to market trends and an outlook of the state, you can find everything here. Keep in mind that having so many cities or towns, it is likely that some data will vary depending on what part of the state you are in, so it is always essential to have some advice from a professional.

Nevada Construction Outlook

Its capital city is Carson City, but Las Vegas, the famous gambling mecca, stands out. Other major cities include Reno, Henderson, North Las Vegas, and Spark.

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The climate of the state is considered arid, in many parts; and semi-arid, in others; with abundant sun, clear skies, little rain, little snow, and low relative humidity, except in mountainous areas.

In fact, it receives the least amount of precipitation of any state, which manifests as snow on the mountains in the winter and light rain in the summer months. This means that constructions are made with materials that allow rapid cooling of homes since otherwise, it is excessively hot.

For this same reason, despite being a modern state, there are not many “container houses” like there are in California or New York. This is because the metal in shipping containers practically turns those types of houses into ovens.

In Reno, Carson City, and of course Las Vegas there are a lot of buildings. In the latter case, not all of them are entirely residential, but they also have a space destined to receive tourists (apartment buildings for temporary rental, hotels with apartments, etc.). In the outskirts, condominiums are very common.

Nevada Housing Market Analysis and Forecast

In Las Vegas and across the country, sales totals have dropped lately as previously rock-bottom mortgage interest rates have soared. At the same time, sales prices continue to rise, and the homes that are being sold are trading quickly. Real estate markets are prone to ups and downs and other changes, especially in Las Vegas, and there is no telling how long current trends will last.

In southern Nevada, the median sales price of pre-owned single-family homes hit a record $475,000 in April, up 3.3 percent from March and 26.7 percent higher than April 2021, according to the Las Vegas Realtors trade association, which pulls the data from its resale listing service.

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Amid the spring buying season, 3,001 single-family homes sold, down 8.3 percent from March and down 14.9 percent from April 2021, the association reported. However, this is not alarming as it is something that usually happens during the spring.

Among the houses that sold last month, 87.2 percent had been on the market for 30 days or less, which reduced the number of houses listed, causing less supply. The flow of new listings is down and availability remains

quite scarce, but there is still a lot of demand for houses. The number of new listings is estimated to have dropped in part because current homeowners, when thinking about selling, might have to take out a higher-interest mortgage on a new place, leading them to postpone plans to move.

Nevada Average House Price (Median Home Price)

To calculate the median house price, an average is made between the value of a home for a typical family (3 bedrooms, 2 bathrooms, a kitchen, a living room, a garden, and a garage) throughout the state. The problem with Nevada is that there are very large and expensive cities and small towns, so the price varies much more than the average.

Having said that, the average is $460,000. This price can increase in Las Vegas (where it reaches $500,000), remain stable in Carson City and Reno, and decrease in Henderson (less than $400,000).

Many people choose to live in condominiums away from the hustle and bustle of Nevada’s big cities. The value of a home there and with these characteristics (2 bedrooms, or maximum 3, with 1 bathroom, a kitchen, and a small living room) is less than $300,000.

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Proposed Residential Building Projects in Nevada

In Las Vegas at all times of the year real estate projects are being developed, although they are not always residential constructions. They are usually large or medium-sized hotels that include apartments for people to live permanently.

In Reno and Carson City there are some buildings under construction, including luxurious rooftops with a bar. There are also some luxury homes being developed in the residential neighborhoods.

Nevada is the right place to invest in the hotel industry or make buildings with the capacity to be temporarily rented since a large part of the movement of people is from tourists who come for different periods of time.

Most of the residential constructions where more than one family will be housed (condominiums, buildings, etc.) and the luxury houses in Nevada have a swimming pool. This is something that makes properties sell much faster since it is necessary to have a way to face the heat of Nevada and the pool is the best answer.

Nevada 1714 Opal Drive Elko NV89801 - 4 Beds and 3 Baths with 2 Attached Garages on Gross Floor Area 1,865 sqft - Built in 2022 - Price $447,990

Newly Built House in Nevada 1714 Opal Drive Elko NV89801 – 4 Beds and 3 Baths with 2 Attached Garages on Gross Floor Area 1,865 sqft – Built in 2022 – Price $447,990

Building Costs Per Square Foot for Single Family Homes in the State of Nevada, USA

Building costs are 1% above the national average in the state of Nevada, and equivalent to the states of Michigan and Colorado. Construction costs in Kansas, Ohio, Washington, Wisconsin, Delaware, Louisiana and Maryland are closer to Nevada by a deviation of 1%.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Nevada ranges from $348.34 per sqft to $533.99 per sqft, with the average being $411.09 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Nevada ranges from $211.71 per sqft to $324.51 per sqft, with the average being $249.83 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Nevada ranges from $136.86 per sqft to $207.87 per sqft, with the average being $160.23 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Nevada ranges from $99.88 per sqft to $153.17 per sqft, with the average being $117.87 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Nevada ranges from $81.07 per sqft to $124.16 per sqft, with the average being $95.60 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Nevada ranges from $63.94 per sqft to $98.01 per sqft, with the average being $75.43 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

List of 6 Metropolitan Areas/Cities in Nevada – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 19 municipalities and 137 special districts grouped into 17 counties in the state of Nevada. The bar chart below indicates that building costs vary in each metro city/town. The construction cost per square foot in each of these metropolitan cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

The percentage deviation of building costs from the National Average for each metropolitan area in Nevada is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in Nevada:

Nevada Average 1% (1% more than X)

  • Carson City 897 -4%
  • Ely 893 -3%
  • Reno 895 -1%
  • Fallon 894 0%
  • Las Vegas 889-891 3%
  • Elko 898 9%

The Metropolitan Area List above as well as the Bar Graphs below shows that Carson City is the cheapest city to build a private home in the state of Nevada, and Elko is the most expensive city to build a home. Building costs are -4% below the national average in Salida and 9% above the national average in Elko.

Cheapest Places To Build in Nevada:

Carson City is the cheapest to place to build at -4% below the national average, followed by Ely at -3%. The third cheapest place to build is Reno at -1% below the national average. The fourth cheapest city to build a house is Fallon City which is equivalent to the national average. Building costs in Las Vegas are 3% above the national average.  Las Vegas is one of the most popular cities in the USA, known as the “Casino City” or “Sin City”.

Expensive Places To Build in Nevada:

If anything between 5% and 10% is considered expensive, then there is one such metropolitan area in the state of Nevada. The cost of building a house in the city of Elko is 9% more than the national average.

More Expensive Places To Build in Nevada:

If anything between 10% and 15% is considered more expensive, then there is no such metropolitan area in the state of Nevada.

Very Expensive Places To Build in Nevada

The most expensive places to build a house in the USA are those 15% above the national average. There are no such places in Nevada.

Nevada State Average Costs:

Private home building costs in the state of Nevada are 1% above the national average. Building cost rates in the metropolitan area of Fallon are closer to the Nevada state average by a deviation of 1%. The cost of building a residential property in Fallon is equivalent to the national average. Elko is the most expensive city to build a home in Nevada, and the state of Nevada is number 35 on the national ascending costs scale.


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