Las Vegas, NV Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Are home prices dropping in Las Vegas? ›

Las Vegas Housing Market Data - July 2023

The median home price for single family homes sold in July 2023 in Las Vegas increased to $450,000 up from June when it was $440,990. Comparing to July of last year, this number is down 3.2% when the median home price was $465,000.

Las Vegas Housing Appears To Be Stabilizing

Housing demands during the pandemic housing boom led to a very hot market in 2021 and 2022, although home prices cooled somewhat in 2022 due to rising interest rates. In 2023, we expect the demand for real estate to remain fairly robust, despite the slowdown.

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.

LAS VEGAS (KTNV) — Becoming a homeowner in Southern Nevada remains a daunting challenge. A new report by Las Vegas Realtors shows the Las Vegas housing market prices continuing to increase with the average price for a single family home now at $469,000 and $290,000 for townhomes and condos.

Las Vegas' strongest seller's market was back in April 2021, with a score of 86.6, followed by February 2022, with a ranking of 82.2. Las Vegas has technically not been in a buyer's market since the start of the index in 2018 but was in a neutral market for parts of 2018 to 2019 and from July 2022 to February 2023.

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.

How long does it take to sell a home in Nevada? Homes in Nevada are staying on the market for 37 days. That's 6 days faster than the median in May 2023, which means that the market is more competitive today.

$426,020. The average Las Vegas, NV home value is $426,020, up 7.0% over the past year and goes to pending in around 14 days.

Additionally, Las Vegas has historically seen strong property appreciation rates. This history, combined with the current low inventory, suggests potential for continued growth for long-term investors. Lifestyle Benefits: Owning a home in Las Vegas comes with a unique set of lifestyle perks.

Real estate experts predict a continued housing shortage, and because they expect high buyer demand to keep pushing home prices up, 2024 may be an ideal time to sell. Experts also anticipate a leveling out of 2023's elevated mortgage rates, expecting rates to eventually settle around 6% – 7% in the spring.

What is the best day to sell a house? ›

Best day for the fastest sale

Listing your property on a Thursday can help sell a home fast as well as for the best price, the Zillow study found. This time frame gives sellers enough time to have multiple showings over the weekend — and, hopefully, an offer or two by Monday.

Las Vegas home prices are rising at one of the fastest clips in the country, with builders fetching record dollar amounts and resale values approaching prior highs. The growth is so fast that, according to a new report, prices here are the most overvalued in the country.

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.

Save for a down payment

The median down payment on a home in Nevada was $50,000 in the spring of 2022. However, you might be able to get by with a much smaller upfront investment. If you have excellent credit and qualify for a conventional loan, some lenders will allow a down payment of just 3 percent of the purchase.

Additionally, homes are staying on the market for longer, with median days reaching 46 days in May 2023, indicating a slower sales pace. Despite these changes, the real estate market in Vegas remains a vibrant and dynamic landscape for buyers and sellers.

Las Vegas home prices are rising at one of the fastest clips in the country, with builders fetching record dollar amounts and resale values approaching prior highs. The growth is so fast that, according to a new report, prices here are the most overvalued in the country.

It was June 2006 and Carver, who has worked as a real estate agent in the Las Vegas Valley for nearly 30 years, said the real estate market in Vegas suddenly went from people camping out days before housing projects went up for sale with multiple offers on every property, to a complete standstill.

Note: Las Vegas is expected to remain a strong housing market and a vital hub in the Southwest. It connects multiple major markets and has substantial growth potential while maintaining relative affordability compared to other major metropolitan areas.

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. Despite rental prices stabilizing or dropping, they remain stubbornly high for many Nevadans.