Las Vegas Real Estate Market

The Grand Collection Plan by William Lyon Homes
The city of Las Vegas is one of the nation’s most dynamic real estate markets. According to USA Today, Nevada is the second fastest growing market in the nation. Real estate is the real name of the game in Las Vegas, and there is a wide selection of Las Vegas property for sale. Buying a home in Las Vegas is easy, but if you want to stay on top of Las Vegas real estate market trends, bookmark this page.

Las Vegas Home Sales

Buyers picked up 2,261 single-family homes in January, up 5.5% from January 2017, according to the Greater Las Vegas Association of Realtors (GLVAR). In fact, 2017 was third-best year on record for existing home sales in Southern Nevada, with 46,598 properties sold. That was still below the record 48,798 existing properties sold in 2011, when post-recession prices were still artificially low.

U.S.

-3.2%

Jan. 2018 Existing Home Sales
  • 240,500
    Median Sales Price
  • 5.8% YOY Price Growth
  • 7.1% Median Condo Price

Nevada

N.A.
  • 255,500
    Median Sales Price
  • 12.9% YOY Price Growth
  • 1,395 Median Rent Price

Las Vegas Home Prices

The Greater Las Vegas Association of Realtors (GLVAR) reports that the median, existing single-family home sold in January 2018 for $265,000, up 11.3% compared to January 2017.

Single-family houses for sale near las Vegas were priced 10% higher than the national median, which was $240,500 in January 2018 (see table above).

The Las Vegas real estate market offers an ample supply of condos, but like single family homes, condo prices are rising. In December 2017, condo prices were up 27% compared to a year ago, with the median condo selling for $143,000.

Las Vegas Home Inventory

In a normal market, a six-month supply of houses for sale in Las Vegas is considered optimum. The supply for anyone looking to buy a home in “The Valley” is less than two months. In September 2017, home inventory was 1.6 months, according to SalesTraq.

Inventory has been tight for the past year or so, which means that there are fewer homes for sale than the market typically demands. For a home buyer that means that Las Vegas is a “seller’s market” — pricing is influenced by the tight supply.

Master Planned Communities

Las Vegas also boasts four of America’s Top 50 Selling Master Planned Communities as of 2017, reports research firm RCLCO. These well-designed neighborhoods should be on the short list of anyone looking to buy property in Las Vegas. Inspirada in Henderson, south of Las Vegas, is a popular community.
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Inspirada Community in Henderson, Nevada