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

FAQs

Are housing prices dropping in Las Vegas? ›

Las Vegas Housing Market Trends

In June 2024, Las Vegas home prices were up 7.2% compared to last year, selling for a median price of $450K. On average, homes in Las Vegas sell after 37 days on the market compared to 40 days last year. There were 879 homes sold in June this year, down from 1,023 last year.

Prospective homebuyers want to know whether it's a good idea to buy an investment home in Las Vegas today. Our answer is generally Yes, although investors may want to wait until the market favors buyers to commit to a purchase.

Las Vegas first-time home buyers

That rose 5.8% year-over-year, according to Realtor.com. At that median price, your down payment options might fall between: $13,797 for 3% down payment. $91,980 for 20% down payment.

How do Las Vegas prices compare to other US cities? Las Vegas is ranked 111 out of 273 cities across the US in terms of cost of living. The cost of living in Las Vegas is 97.5% of the national average.

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.

$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.

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!

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.

Other Nevada first-time homebuyer loans

VA loans: Active-duty military members and veterans may qualify for a VA loan with a lower interest rate than conventional mortgages offer. These loans don't require a down payment, and borrowers can have credit scores as low as 580, though minimum scores vary by lender.

To qualify for an FHA loan in Nevada borrowers need to have a minimum mortgage specific credit score of 580.

How much of a down payment for a $250 000 house? ›

In other words, the purchase price of a house should equal the total amount of the mortgage loan and the down payment. Often, a down payment for a home is expressed as a percentage of the purchase price. As an example, for a $250,000 home, a down payment of 3.5% is $8,750, while 20% is $50,000.

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. That's equivalent to about $60,000 per year, or about $29 per hour. If you were able to live in the suburbs, you could reduce costs further.

Electricity: The average electric bill in Las Vegas is $176.93 per month. However, the rate may increase or decrease depending on the season and the number of appliances used monthly. Water: Water is generally included in the apartment or adds to the monthly rent, but it would typically cost about $32 per month.

The nicest neighborhood in Las Vegas might be subjective, but in many cases, people seem to view Summerlin, Green Valley Ranch, Green Valley South, and Lake Las Vegas as some of the nicest places to call home in Las Vegas.

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.

Other cities experiencing significant overvaluation include Las Vegas, NV (37.53%); Knoxville, TN (37.33%); Cape Coral, FL (36.11%); Tampa, FL (35.98%); Charlotte, NC (35.09%); Palm Bay, FL (34.94%); and Orlando, FL (34.29%). Lakeland, FL, rounds out the top 10, with homes overpriced by 34.06%.

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.