Las Vegas NV Real Estate - Las Vegas NV Homes For Sale | Zillow (2024)

FAQs

Are home prices dropping in Las Vegas? ›

Median Sold Price

Based on all homes sold in the last 12 months. Homes in Las Vegas have sold for 4.9% more than they did a year ago. Summary: The median home sold price in Las Vegas was $419,789 in June 2024, up 4.9% from last year, and the median price per square foot was $249.

Our answer is generally Yes, although investors may want to wait until the market favors buyers to commit to a purchase. There is currently a seller's market in Las Vegas due to the relatively short housing supply.

On average, homes in Las Vegas, NV sell after 36 days on the market. The trend for median days on market in Las Vegas, NV has gone up since last month, and slightly down since last year.

$422,880. The average Las Vegas, NV home value is $422,880, up 6.5% over the past year and goes to pending in around 13 days.

Is it a buyer's or seller's market in Nevada? It is considered a seller's market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 7.2%, making the average house payment $3,111, which is $489 higher than a year before.

[1] Once the bubble burst, prices plummeted in the beginning of 2007, home prices plummeted to a historic low where they remained for many years after the crisis. The housing bubble significantly impacted the homeownership rate in Nevada.

The median sale price of a starter home in Las Vegas is $299,100. In order to afford this, first-time homebuyers in Las Vegas should make $92,011 per year, up 6.2% from 2023. However, the median income in Las Vegas is $78,212, meaning the typical resident often can't afford a starter home.

Retiring in Las Vegas? One of the top cities in Nevada for retirees, Las Vegas Valley offers easy access to world-class entertainment and dining, year-round sunshine, no income tax—which includes Social Security and pensions—and more.

Step 2: Plan Your Down Payment and Closing Costs

A 20% down payment is typically the norm, but you can choose your own amount. The average down payment on a house depends on the type of mortgage you opt for. Your lender may require you to purchase private mortgage insurance if you put down less money upfront.

Las Vegas has always been a rather unique real estate market. We're out here in the desert, which has its rewards and its challenges, and our housing market has been identified as a great opportunity by out of state investors and even investors who live outside of the country.

Is it a good time to sell your house in Las Vegas? ›

June, July, and August are the best months to sell your house in Nevada. The median sale price of houses in July 2023 was $445,900, which is expected to rise in 2024. However, cities like Winchester, Incline Village, and Summerlin South follow an upward trend throughout the year.

The states with the fastest moving homes are Massachusetts and New Hampshire, which tied at 32 days to sell from the listing date. Next was Washington state with 33 days and Tennessee at 33.5 days.

Buying a home in Las Vegas has its merits. From the relatively affordable cost of living to the potential for property value appreciation, many factors make Las Vegas appealing. If you're considering a single-family home, the city offers a variety of options catering to different tastes and budgets.

Nestled in the southwest area of Las Vegas, Spring Valley offers a plethora of budget-friendly housing options, making it an attractive destination for those seeking affordability without sacrificing comfort or convenience. Spring Valley's history is rich and vibrant, contributing to its unique charm and appeal.

Las Vegas's median sale price is 0% higher than the national average. Overall cost of living in Las Vegas is 1% lower than the national average. Learn which home features in Las Vegas add value to a home.

Las Vegas's housing expenses are 10% higher than the national average and the utility prices are 2% higher than the national average. Transportation expenses like bus fares and gas prices are 13% higher than the national average. Las Vegas has grocery prices that are 3% higher than the national average.

Las Vegas Housing Market Data - March 2024

The median home price for single family homes sold in March 2024 in Las Vegas was $465,000 up from February when it was $460,000. Comparing to February of last year, this number is up from the median home price of $425,000.

The median salary in Las Vegas, NV is $60,465, with 80% of salaries falling between $26,100 and $142,120. Salaries in Las Vegas, NV are generally close to the national average.

Rents began dropping across the state during the second half of 2022. From August 2022 to July 2023, rents dropped around 8.5 percent in Las Vegas and 3.6 percent in Reno, while rents nationally dropped 1 percent in the calendar year 2023.