Current Home Construction Activity in Las Vegas
During the fourth quarter of 2024, Zonda, a firm monitoring new home construction, reported that ground was broken for 9,600 single-family residences. This marked a decline compared to previous quarters in recent years. The highest level of construction activity was recorded in the first quarter of 2022, with the initiation of work on 13,229 homes.
According to the Las Vegas Review Journal, Evan Forrest, a vice president with Zonda, said homebuilding in Clark County, and the rest of the country, is starting to level out after a few years of rapid activity during the pandemic fueled by historically low mortgage rates, remote work and more.
“It’s gone back to a little bit more of a normalization here,” he said. “We just hit such a low in some of our recent months here and now we’ve increased 15 percent in basically the last two quarters (to end 2023) in terms of how much annual (construction) starts have gone back up,” he said.
Residential construction starts were below 9,000 homes for each of the first three quarters of 2023, but Forrest said data moving forward into 2024 shows a return to more normal numbers of between 9,000 and 10,000 starts per quarter.
