A new study said Las Vegas has the least stable housing market in the country.
According to the data from Construction Coverage, a company that looks at construction software and financial products to help builders and real estate professionals, the most volatile states for real estate are Nevada, Georgia, Michigan and Arizona.
The study said a random buyer has at least a 40% chance of seeing a price decrease greater than 5% at some point in those markets.
According to the study, over the past 25 years, the largest drop in median home prices in Las Vegas Metro has been seen at 63.9%.
The Scripps News Group asked Bob Hamrick, Chairman and CEO of Coldwell Banker Premier, about this study.
"I'm hearing that we have a balanced market now," Hamrick said. "We do have a balanced market when you look at the period of time. It's over a 25-year period of time. When you look at that period, there were two monumental events that took place then— both of which had significant impact on Las Vegas."
Hamrick said those two events were the Great Recession and the pandemic.
The study said South Dakota, Oklahoma, Alaska, Iowa and Vermont are the five states that never saw median home prices drop more than 5% at any point over the past 25 years.
This story was originally published by Tricia Kean with the Scripps News Group.
