Record rental, home prices straining Pahrump
Housing and rental prices in Pahrump are at an all-time high, leaving many to look for single-room rentals, van-life living or more affordable options.
Homelessness is also on the rise.
“My family and I often take drives through the desert and it has become very obvious that the homeless population is growing here,” said Tasha Douglas with Nevada Realty.
According to Douglas, the housing market is starting to shift some due to interest rates increasing. Homes are now sitting on the market slightly longer than just a few weeks ago.
The median list price for a single-story home in Pahrump was $399,900 back in April, or roughly just more than 33 percent higher than home prices from April 2021.
“I would say the vast majority of folks purchasing in Pahrump are out-of-state or out-of-town. The majority are coming from larger cities to enjoy small town living,” said Douglas.
Those looking to maybe avoid the price hikes and increases would typically turn to modular homes for their new home purchases. Douglas says that isn’t the best option anymore though.
“Manufactured homes are at an all-time high in prices as well. Sometimes these homes are going for as much, or more than stick-built homes due to having more acreage and development on some properties,” said Douglas.
It’s no secret that inflation has put a strain on the lower and middle class. Those who could rent full-sized apartments are now scrambling to rent rooms, and those who were once renting rooms are being priced out into the streets.
“Those with families seem to be suffering the most,” said Anna Harry, a Pahrump resident who rents her room to a 40-something-year-old professional who’s been priced out of the current housing market.
We are in need of lower-income housing in this valley as so many folks on fixed incomes are out of options, according Douglas.
Realtors have been unsuccessfully trying to predict the market since COVID began.
According to Douglas we are in uncharted territory. With rates rising and housing at an all-time high, something needs to change.
Douglas wishes to see the market level out to some normalcy so that the home buying process for folks is far less stressful and competitive.
“It’s heartbreaking to represent a first-time home buyer who has gone after multiple homes and got out-bid for one reason or another,” said Douglas.
Douglas suggests using a local Realtor who lives and works in the area you wish to buy or sell.
“So many people are misrepresented by someone who does not know the area they are working. There are long-term problems that can arise due to lack of correct information from a professional who may be working in an area they do not know well,” said Douglas.