The real estate market in Las Vegas has been in a bull market since 2011.
I consider the median home sale price to median household income the best measure for what is happening with the real estate market in a given area. I outlined what I consider good buy zones and sell zones. Below is the Las Vegas market.
Between three and four(ish) is about right. Not overpaying but not getting a good deal.
Las Vegas unemployment is pretty much at the low end.
Break down of employment is below.
Not surprisingly, most of the jobs are in leisure and hospitality. Las Vegas real estate is very vulnerable to economic recessions like the one that happened in 2008. During a recession, the first thing people cut are trips to Vegas. Responsible people do that anyway.
There is good news. Rents are going up. Home ownership is down. The population continues to increase. With interest rates so low, you can still price rent at least 400$ above mortgage, insurance and taxes.
This is not the time to go on a buying spree, but being very selective you could get good rental properties and nice cash flow.