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

FAQs

Are home 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.

The median credit score for buyers in Q3 2022 was 768. Plan Your Down Payment & Closing Costs: Allocate about 20% of the home's sale price towards a down payment, and budget 2% to 5% of the total purchase price for closing costs.

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.

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.

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.

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).

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.

Nevada home buyer stats

If you're eligible for a VA loan (backed by the Department of Veterans Affairs) or a USDA loan (backed by the US Department of Agriculture), you may not need any down payment at all.

The required credit scores for mortgages in Nevada differ based on the type of loan. Conventional loans demand a score of 620, while government-backed loans are more lenient. However, a score below 500 makes mortgage approval difficult.

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.

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 6.5%, making the average house payment $2,918, which is $109 lower than a year before.

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.

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.