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

FAQs

Are housing 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 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.

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.

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.

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.

Study Exposes Top 100 Most Overpriced Housing Markets: Detroit, Atlanta, And Las Vegas Lead The List.

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.

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.

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.

What is the minimum income to live in Las Vegas? ›

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.

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.

With the exception of 2023, new listing volume is still well down from historical trends. Number of Sales: After an enthusiastic May/June, sales dropped off almost 13% in July. Sold homes are also down nearly 9% from June 2024.

Closing on the Home

The closing process usually takes about a month and a half in Nevada from escrow to close, and you won't gain access to your home until the contracts are signed and recorded.

The latest July Las Vegas Realtors report shows the median price of single-family homes is now $480,000. That's almost back to the record high of $482,000 from May 2022.

Las Vegas rents are flat month-over-month and down 0.8% year-over-year. The median rent in Las Vegas rose by 0.3% over the course of July, and has now decreased by a total of 0.8% over the past 12 months. Las Vegas's rent growth over the past year has is similar to both the state (0.1%) and national averages (-0.8%).

[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.

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.