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

FAQs

Are house prices dropping in Las Vegas? ›

Homes in Las Vegas have sold for 5.6% more than they did a year ago. Summary: The median home sold price in Las Vegas was $422,585 in July 2024, up 5.6% from last year, and the median price per square foot was $250.

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.

Las Vegas's median sale price is 3% 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.

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. For many, buying a home in Las Vegas right now is out of reach.

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.

Understanding the Average Timeframe for Selling a House

In Las Vegas, the average time to sell a house is a tapestry woven with various threads. Current data points to an average of around 60-90 days on the market, from listing to closing.

Las Vegas, NV housing market

In July 2024, the median listing home price in Las Vegas, NV was $465K, trending up 5.9% year-over-year. The median listing home price per square foot was $268. The median home sold price was $457.5K.

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. Check out the best neighborhoods for retirees in Las Vegas!

Las Vegas offers promising investment potential for residential properties. According to sources like BiggerPockets, rental yields in Las Vegas can range between 6% and 10%, making it a competitive market for rental income. Rental yields can be attractive, particularly for short-term rentals catering to tourists.

When did the housing market crash in Las Vegas? ›

[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.

After more than a year of Atlanta dominating the list of most overvalued housing markets, Detroit is now the most overpriced market in the United States, according to researchers at Florida Atlantic University and Florida International University.

Renting a one-bedroom apartment in the city center averages $1,510 per month, while the same apartment outside the center rents for $1,364. Using the 40x rule and the higher rent figure, you would need around $5,033 per month to enjoy a comfortable standard of living in Las Vegas.

But what does it mean to be middle class in Las Vegas? Based on the latest available household income data from the U.S. Census Bureau, a household here would be considered “middle class” if it earns anywhere between $41,108 and $122,712.

Selling in Spring: March through June

Spring is widely regarded as the prime selling season in Las Vegas. The pleasant weather and numerous events draw potential buyers to the city, increasing demand for housing. The months of March through June see increased foot traffic at open houses and higher buyer interest.

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.

Home prices, naturally, are reflecting the migration boom. In April, the median listing home price in Las Vegas was $450,000, up 3.7% year on year, this is on the heels of a 12.7% annual increase recorded in March, according to Realtor.com data. The luxury market keeps mushrooming as well.