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

FAQs

Are home prices dropping in Las Vegas? ›

Based on all homes sold in the last 12 months. Homes in Las Vegas have sold for 2.8% more than they did a year ago. Summary: The median home sold price in Las Vegas was $415,731 in May 2024, up 2.8% from last year, and the median price per square foot was $247.

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, NV housing market

In May 2024, the median listing home price in Las Vegas, NV was $459.9K, trending up 5.8% year-over-year. The median listing home price per square foot was $265. The median home sold price was $445K.

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.

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.

As expected, starter homes in Las Vegas are much more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you'll need to make $113,186 (as of October 2023).

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!

Residential properties in Whitney are generally lesser priced compared to the city's average, making it an attractive prospect for budget-conscious homebuyers. Despite the lower costs, the neighborhood doesn't compromise on amenities, offering easy access to parks, schools, and healthcare facilities.

How much does it cost to build a 2000 sq ft house in Las Vegas? ›

Average Cost per Square Foot: The average cost per square foot for new home construction in Nevada typically ranges from $130 to $250. To put it in perspective, for a 2,000 square foot home, you can expect costs ranging from $260,000 to $500,000.

According to a recent study by SmartAsset, a single adult in Las Vegas needs to make more than $94,000 a year to have a comfortable lifestyle. That's an hourly wage of $45.40. For families, consisting of two working adults and two children, the combined income needed to live comfortably soars to $239,366 annually.

Most of the Las Vegas, NV active retirement communities are spread around the outer edge of Las Vegas and its surrounding suburbs such as Henderson, North Las Vegas and even as far as Mesquite.

Las Vegas is typically more cost effective.

Las Vegas is a great place to get a bargain on housing, with housing prices about half what they are in California.

The southwest Las Vegas Valley now has the highest median household income in the valley, according to a new report from Colliers.

The market in Las Vegas is also growing rapidly. In January of 2023, the supply of homes for sale grew by over 240%. With more and more people moving to the area, the demand for homes will continue to increase as well.

[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.

Real estate investing in Las Vegas presents a compelling opportunity for accredited investors. The city's economic growth, population increase, and market resilience create a favorable environment for investment.

The price of land in Las Vegas is high so developers can't afford to build homes in the 500 to 600 thousand dollar price range. Most of the new construction homes are starting higher…the price of townhomes and condo is at an all time high but still 180k less than the median home price for a single family home."