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.

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.

Las Vegas Housing Market Trends

What is the housing market like in Las Vegas today? 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.

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.

Additionally, Las Vegas has historically seen strong property appreciation rates. This history, combined with the current low inventory, suggests potential for continued growth for long-term investors. Lifestyle Benefits: Owning a home in Las Vegas comes with a unique set of lifestyle perks.

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.

What credit score do you need to buy a house in Las Vegas? ›

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.

If you have a conventional loan, $800 in monthly debt obligations and a $10,000 down payment, you can afford a home that's around $250,000 in today's interest rate environment.

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%.

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.

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.

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.