How Much Is My House Worth?
What’s my Las Vegas house worth? Is the real million-dollar question. This tool is intended to be used as a guide for Las Vegas home values.
March 19, 2020
Las Vegas is known for its entertainment industry but is almost as famous for its real estate opportunities. The demand for housing is at an all-time high for reasons that include an increase in population and the limits of expansion. The following trends and demographics illustrate why Las Vegas is and will continue to be well into the future, a prime real estate market.
TRENDS IN LAS VEGAS REAL ESTATE. WHILE SOME EXPERTS ARE SUGGESTING THAT REAL ESTATE PRICES MAY PEAK IN LATE SUMMER OR EARLY FALL, BUYERS ARE STILL FINDING A LIMITED NUMBER OF PROPERTIES ON THE MARKET. LET’S TAKE A CLOSER LOOK TO DETERMINE WHAT STATISTICS SUGGEST ABOUT THE LAS VEGAS AND HENDERSON, NEVADA, AND THROUGHOUT LAS VEGAS AND CLARK COUNTY.
The median home price in the city of Las Vegas is $273,800 which is an increase of 1.8% over the past year. The average price per square foot is $169. The rate at which home prices are rising in Las Vegas is 0.8%. Values have gone up in the past year by 1.8%. The current rate of median home prices is slightly less than $300,000. The real estate housing market is positive.
Las Vegas Real Estate Market update, If you use the average selling price in Las Vegas, then the price of a single-family home has raised by 17 percent from May 2017 to May 2018. At the end of 2017, the average selling price for a single-family house in Las Vegas was $297,290. In order to get an accurate picture, the top price and bottom price are eliminated in order to arrive at the average.
A look at historical average prices shows that the price went up an average of 10 percent during 2017 rising from $267,647 at the end of 2016. This continues a trend where the average selling price of a single-family home was $255,105 in 2015, $237,430 in 2014, and 214,120. Therefore, the average prices of a single-family home have raised 28 percent in the last five years.
Zillow reports that the Las Vegas home sale market has appreciated more than 16% in the last year. According to the experts, this is a trend investors can expect to continue for the foreseeable future. Anyone wanting to get into the rental real estate market focusing on long term tenants will find Las Vegas an attractive option & good Las Vegas housing investment.
Phoenix has replaced Las Vegas in the number one spot for the fastest rising real estate prices. After a year of growth at the fastest rate nationally, the Las Vegas Real Estate Association reports that the market is slowing down. This is not a bad thing.
The data shows that prices are still increasing, just at a slower rate than previously. This creates stability in the market. Experts report the Las Vegas real estate market is more stable than it’s been in the past 20 years. This means there is no expectation of a real estate crash or a housing bubble.
The seller’s market may finally be over. Homes are staying on the market longer with no offers. The Greater Las Vegas Association of Realtors reports there were almost 8,000 homes for sale without an offer in July. That’s a year over year increase of 63%. Nearly 2,000 townhouses and condos were on the market in July with no offers. That’s a year over year increase of 112%. All of this gives buyers more leverage because there is less competition.
New Home builders are beginning to pull back from single-family home construction as buyers turn to more affordable attached homes. Even though builders have closed on more than 4,200 single-family homes so far this year, that number is down more than 7% from this time last year. The sale of attached homes, on the other hand, has increased by slightly more than 17% during the same time.
According to the Greater Las Vegas Association of REALTORS, at the end of May, there was a 1.5 month supply of town-homes, single-family homes, and condominiums, on the market. May was a busy month with 3,890 units selling. A month earlier, 3,571 units sold representing an increase of 8.2 percent.
The average closing price in Las Vegas is 99.3 percent of its listing price, which is another strong indication that Las Vegas is currently experiencing a strong seller’s market. Not only did the total number of units selling increase during May, but the value of the average sale increased. In May, the average selling price was $295,000 compared to $289,000 in April. While this represents only a small increase of 2.1 percent, it shows that the trend of prices increasing still continuing.
The last month where single-family dwellings are broken down by type available is from January 2018. During that month, a total of 2,187 buyers welcomed the new year by closing on a home. Of those, 80 percent or 1,719 units were single-family residences, 11.6 percent or 254 units were condominiums, 7.54 percent or 165 units were townhouses and the remaining were manufactured housing.
The average days on market fell to 40 days during 2017. This is the lowest that has been seen during the last five years, and it seems to be a trend that is continuing in 2018. During the last five years, the average days on market shot up in 2014, but it has continued to fall ever since.
New Jersey was the only state that outranked Nevada in terms of foreclosures during the 2007 housing crash. At that time nearly 25% of Nevada’s home mortgages were in trouble.
Currently, there are approximately 1,700 homes or less in the Las Vegas area in some stage of foreclosure. The percentage of Las Vegas homeowners in trouble is slightly more than 7%. The number of properties going into foreclosure in September 2019 was 12% lower than in August 2019 and 35% lower than in September 2018.
Looking across the United States, the housing market is stable in the southern part of the United States while it is considered weak in the northern half. Only Nevada, Utah, North Dakota, Maryland, and Rhode Island are considered to have a very strong housing market. Nevada is one of the strongest housing markets in the United States, and it is predicted to have the largest increase in house values.
Those individuals who are considering buying or selling property in Clark County find very similar trends within the city limits of Las Vegas. Historically, prices climbed
Airbnb, Home Away, VRBO are big business in Las Vegas & Henderson. Because of the attractions, the climate, and the economy, there isn’t an offseason. Short term rentals are something investors should consider. There doesn’t seem to be any downturn about to take place when it comes to the reasons so many tourists visit the city every year.
When choosing a neighborhood, you can refer to your budget to help you narrow down the options based on home value. You can refine your search further based on the general area where you want to stay in, such in the northwestern section of the metropolitan area. If you have children or intend to have children, the quality of schools should be considered.
Your real estate agent may help you to research property tax rates in different areas, crime rates, planned development in or close to the area, and other factors that could influence your neighborhood selection. Finally, amenities in the community as well as access to a grocery store, retail stores, healthcare centers, and other venues should receive your attention.
You understandably want to feel comfortable in any community where you choose to settle down in. When you begin touring homes in a specific community, pay attention to the overall ambiance or vibe.
Are children playing outdoors on the weekends? Do people feel safe and comfortable walking their dogs on nice days? Are the amenities in good condition? Are the yards well-maintained? Your observations can tell you a lot about a community that you may not be able to read about online.
Summerlin, Henderson, Paradise, Spring Valley, and Enterprise are among the most popular neighborhoods in Las Vegas. This is where most listings are. As of the first week in November 2019, there were nearly 1,000 listings in Paradise with prices ranging from $60,000 to more than 21 million. Trulia had slightly more than 400 rental listings ranging from $490 to $12,000 a month.
There were also about 1000 listings in Spring Valley during the first week of November. The prices range from $44,900 to slightly over 18 million. Trulia had 476 rental listings at prices ranging from $795 to $11,000 a month.
Rancho Oakley is the most expensive neighborhood in Las Vegas with an average home listing price of $450,000. The most affordable neighborhood in Las Vegas is Pioneer Park with an average listing price of $195,000. Downtown East Las Vegas is considered one of the most economical places in the city in which to live.
There are good deals available. The housing market in Las Vegas took about a 50% hit when prices crashed about 10 years ago. The market has since rebounded, but because of inflation, they are still well below historic levels. In the same vein, there are not the number of foreclosures as in the past, but they are still on the high end of national standards. One Las Vegas home in a thousand is foreclosed on each month.
Prices are still relatively low. Prices have seen somewhat of a decline because of the available. The demographics that make Las Vegas so hot aren’t changing, however. That means the decline is temporary, and prices are sure to start rising.
Taxes are low. Nevada has no state income tax, and the overall tax rates are less than 1%. Nevada’s property tax is currently 0.77%. There are a few counties where the property tax is over 0.25%. Investors still have to make mortgage payments, unless they pay cash for a property. Maintenance and insurance have to be factored in as well.
Las Vegas Real estate market expansion is limited. The majority of Nevada is owned by the federal government. Las Vegas is geographically constrained by the deserts in the area. Clark County has petitioned the Bureau of Land Management to allow them to take possession of 38,000 acres to build housing.
Whether or not the Bureau will ever give its permission is an open question. The result is that Las Vegas currently cannot expand to meet the demand even though it is surrounded by plenty of open lands. This will drive prices up.
The Las Vegas Real Estate market is still off-limits to renters. Many Las Vegas residents would love to be homeowners, but can’t afford the prices. Instead of building affordable housing, many builders have opted for luxury construction only a few can purchase. This means there will continue to be a large population of renters who are unable to purchase the upscale housing currently on the market.
Housing and rent prices are on the rise. The Las Vegas housing market is rising at about 3.2% over last year. The average homeowners should expect to pay for a home in Las Vegas in 2019 was $300,000. This growth rate is healthier than those that are in double digits. The price rate may be skewed by the fact that builders are concentrating on luxury homes that drive up prices in the real estate market in Las Vegas.
Las Vegas is friendly to landlords. Evicting non-payment tenants is easy in Nevada. Eviction can begin within 7 days of non-payment of rent. A case can go to court within 7 days. Once the court approves the landlord’s complaint, the renter may be forced to leave the premises within 1 day. Late fees have no limits, although the late fees must be spelled out in the rental agreement.
Las Vegas Raiders are coming. Finally the Las Vegas Raiders are coming. The land & home close to the stadium have already increased in value with more business investing in the area.
Bleutech Park Las Vegas. Future Mini City Bleutech Park is coming to Las Vegas. This $7.5 Billion dollar project will offer housing, retail, offices, luxury residential, hotel & entertainment.
Virgin Trains Project. This $4.8 Billion dollar project Virgin Trains Project high speed train between Las Vegas & Southern California
Google Data Center. Google is building a new $600 Million data center in Henderson planned to be complete by the end of 2020.
The job market is strong. The job market in Las Vegas is diverse. It includes low skill jobs that are good-paying and involve the entertainment, service and hospitality industries.
The population is young, well educated, and upwardly mobile. More than 80% of workers commute to and from their jobs. This makes Las Vegas one of the most car-oriented cities in the country
The education level is slightly higher than the national average. More than 23% of Las Vegas residents over the age of 25 have a bachelor’s degree or higher. Get more info on Las Vegas Schools.
The Las Vegas real estate market has been more stable in the past few years & prices rising yearly. In January of 2020, the Las Vegas real estate market will continue stabilizing, as Californians continue to flock & move to Las Vegas Nevada. Henderson & Las Vegas real estate has become a major city with people moving to Las Vegas from all over the united states & world.
Las Vegas is ethnically diverse. 21.22% of the population is foreign-born. English is the most common language spoken. Other languages spoken are Spanish and Tagalog.
Buying a house and selling a house in Las Vegas are understandably not experiences that you want to rush through. For many individuals, their home is their largest asset.
Making poor decisions when buying or selling a home in the Las Vegas area can potentially lead to financial stress. While your real estate transaction directly and significantly impacts your finances, it also plays a role in your daily routine, your quality of life, the quality of schools that your children attend, and much more.
The Las Vegas real estate market is very active. The annual rate of appreciation on established Las Vegas homes is healthy across the metropolitan area, so you may want to sell your home and lock in the financial gain.
These funds may help you to start a business, prepare for retirement, or achieve other major goals. While housing prices have been steadily rising over recent years, the median home price in the area is still affordable for many people.
This means that the time may be right to become a first-time home buyer. If you are an established Las Vegas area homeowner, the circumstances may be ideal for pursuing your plans to upgrade or downsize. Given the significance of real estate sales and purchases, it makes sense to carefully explore the options and to properly prepare yourself for this experience.
Whether you are excited about becoming a first-time homeowner or relocating to a new home in the Las Vegas area, you may be wondering if you are ready to take this leap and if the time is right to do so.
Just as it is not usually reasonable to time the Las Vegas real estate market when preparing to sell your home, it likewise may not be productive to do so when you are interested in buying a Las Vegas houses. Instead, you should consider your personal circumstances.
Generally, buying a home is more cost-effective then renting over the long run, but you should review the market to determine if you can afford the quality of home that you are interested in. If you are thinking about upgrading, downsizing, or even making a lateral move to a newer home, determine what you want to specifically accomplish from the move. It may be helpful to list these reasons in writing and to provide them with your real estate agent. This list could be essential in narrowing down the options and quickly finding a beautiful home that meets all of your needs.
Finances typically play a major reality in the real estate process, and there are two primary factors to focus on. First, you should determine how much money you can comfortably use as a down payment. Remember to account for closing cost expenses as well.
A lender or bank may require you to keep some cash in reserves after closing. This amount varies, but commonly, the reserve requirement ranges between two to three months of the new housing payment.
Second, you should review your personal budget to determine what monthly payment may be comfortable for you. Some Las Vegas home buyers overlook the fact that their utilities and insurance costs may change when they move.
In addition to taking these factors into account, make adjustments as necessary for HOA dues, property repairs, and maintenance, property taxes, changes to your commuting costs, and other related factors.
The best time to begin searching for a home loan is before you start touring properties. When you shop around for a home loan, you may be pleasantly surprised to discover that you could qualify for a sizable loan amount.
However, the loan amount that you are pre-qualified for is not always reasonable or manageable for your budget. Consider that a lender does not take into account factors related to your lifestyle expenses, your savings goals, your childcare expenses, and other costs that may account for a large amount of money in your budget. Therefore, you will need to reconcile your budget with the lender’s pre-qualification.
To get pre-qualified, you generally need to fill out a loan application, consent to a credit report review, and provide a few other details. You may receive a pre-qualification letter, which your Las Vegas realtor can provide to a home buyer with your offer.
Some home buyers view the offer as being more serious and legitimate when it is backed by a pre-qualification letter.
A pre-qualification does not mean that you have been approved for the loan. Most of the information that you provided on the loan application must be corroborated during the loan process. For example, the income that you stated on the application will be backed up by tax returns and pay stubs. Your assets will be supported by bank statements.
In the event that your supporting documentation does not match the stated information in the application, some of the terms in your pre-qualification letter may be revised.
If you have hired a professional Las Vegas real estate agent who has your best interests in mind, your real estate agent will only show you homes that meet your needs and that are priced within your financial means.
Once you step foot inside a beautiful home, it may be easy to become enamored and to lose sight of your goals. Because of this, you should ensure that any home that you look at is priced reasonably. You always have the option of telling your real estate agent that you want to pass on listings he or she has picked out for you.
When you tour homes, keep your list of needs and wants in mind. Rather than look at aesthetics initially, determine if the layout and space are suitable for your needs. You can then walk through the home again to look at the condition and age of built-in features. Openly communicate with your real estate agent throughout each home tour.
Discuss smaller or larger issues that may turn you off, and point out things that you love. Your real estate agent may provide recommendations for overcoming the issues, such as by negotiating with the seller. In the event that you choose to keep looking at other homes, your real estate agent may use the feedback that you provided to point you in the right direction for future home tours.
Finding Las Vegas Homes For Sale! Las Vegas, simply known as Vegas, is the famous resort city in the Mojave Desert area in Clark County of Nevada. Las Vegas is the Mecca of casino lovers around the world and considered the entertainment capital of the world. Most of the action is confined to a 4-mile strip where you will find most of the casinos and hotels in Las Vegas.
It is considered a highly desirable place to live in the United States which is reflected in a very strong demand for homes for sale in Las Vegas.
Even though Las Vegas has earned notoriety as an adult’s only city in Nevada, there is more to this city that warrants attention. Of course, Las Vegas is called Sin City because of its iconic 4-mile strip called Las Vegas Boulevard. However, just a few miles down to this strip are many beautiful residential communities full of all modern amenities for their residents.
These Las Vegas neighborhoods contain many shops and restaurants and residents of Las Vegas hardly need to come to the strip for their enjoyment. They have several museums, Smith Center for Performing Arts, and many parks in the proximity to have fun and entertainment without going to a casino.
Las Vegas is an absolutely amazing city where one finds one of the festivals being organized and being enjoyed by the residents as well as the tourists.
Whether it is the food and wine festival or the Vegas Valley Book Festival, people of Las Vegas do not seem to have a dull moment in their lives. For those fond of action and adventure in the outdoors, Las Vegas is near to many regional and state parks like Valley of Fire State Park, Spring Mountain Ranch State Park, Red Rock Canyon National Conservation Area, and Lake Mead to have tons of fun in the outdoors.
Las Vegas is a very welcoming place for people of all ages. You will enjoy world-class shopping and dining facilities and also love the excellent quality public schools providing education to your kids.
If there are tourists around the year, there are also permanent residents who enjoy the Las Vegas schools, churches, grocery stores, hospitals, and all other important amenities to live a comfortable and relaxed lifestyle in Nevada.
Las Vegas & Henderson areas are a highly desirable place to live not just for families but also for the retirees who hope to enjoy the fun in the world-famous casinos and hotels on the Las Vegas strip. For Las Vegas Real Estate.
The Median home price in Las Vegas is $271767 which is only slightly above the national average. You can find an abundance of properties like Las Vegas Strip Condos for sale, Las Vegas high rise for sale, Henderson Homes for sale, Summerlin Homes for sale, Las Vegas Homes with a pool for sale, or Las Vegas condos for sale.
The median household income in Las Vegas is $44450. Homeowners enjoy a median monthly rent of $1048 because of strong demand among renters. Housing costs in Las Vegas are on the higher side but there are still many affordable options for home buyers among homes for sale in Las Vegas in some neighborhoods & communities of the city.
As far as Las Vegas weather is concerned, summers in Vegas can be hot. However, weather conditions remain pleasant during the rest of the year. Residents particularly enjoy the mild winter season of the city where they do not need to wear very heavy clothing.
Las Vegas enjoys the reputation of a tourist city. But it has a massive population of 621000 people that keeps growing at a good place. Who wouldn’t like to live in a city that never sleeps? Besides 24/7 slot machines, you also get 24/7 grocery and shopping facilities in Las Vegas.
There is construction going on constantly in Las Vegas and you will be surprised to see a new skyscraper coming up in the city out of nowhere every now and then.
Getting a job in Las Vegas is not difficult. In fact, you can earn a lot of money by just being a bartender provided you have the skills of flipping drinks. But there are plenty of jobs for people in other sectors of the economy in Las Vegas. You can easily become absorbed with the tourism industry to earn your livelihood when you move to Las Vegas.
Las Vegas homes for sale provide a good opportunity to settle down in a city with mild winters and abundant sunshine all-round the year. It has something for kids, young adults, and even the retires to enjoy a cool and relaxed lifestyle full of all amenities.
The only thing you need to do is to find a neighborhood to buy a home for your family in Las Vegas. If you look at houses for sale in Las Vegas, you will find that there are not just apartments and condos but also single-family homes and townhouses in various neighborhoods to live a comfortable life with your family.
There is no need to go through reports in media and television. The nickname of Las Vegas may be Sin City and it may boast the largest numbers of casinos and hotels, but it is like just another city in the United States if you move beyond the strip.
There are many homes for sale in Las Vegas & communities. You will find kids playing in the parks, families enjoying the parks and grocery stores, and people going to churches just like any other city around the country.
It is not that people spend all the time in the casinos and the hotels in Las Vegas. They will go to work, watch movies, pray in churches, and visit hospitals like people in any other city do. Slot machines and casinos are for the tourists.
For the residents, Las Vegas is their home. In fact, these residents seem to avoid the ubiquitous neon lights in the evenings that are the main attractions for the average tourists, sometimes.
If you look at the residential real estate of Las Vegas, you will find that most of the popular localities of the city are separate and far away from the infamous strip. Yes, you find many locals residents in the downtown area, but a vast majority of the locals live in the suburbs of Las Vegas. Life in the suburbs is quieter and you are mostly surrounded by desert areas.
Homes for sale Las Vegas can be a great experience. Las Vegas is one of the very few cities of the country that escaped the effects of the Great Depression in the thirties. Even recently, Vegas did not see as many foreclosures as other cities in other states of the country saw during the recession of 2008-9.
Tourism is the backbone of the economy of Las Vegas and it receives these tourists in large numbers all-round the year.
Las Vegas is known for its casinos and the enticing gambling scene. But is it a good decision to buy a home and settle down with your family in Las Vegas? Is it a wise decision or it is like gambling with your life?
It is true that a large percentage of the locals work in the casinos, the bars, hotels, and the hospitality industry but the majority are in no way attached to the glamorous strip as is the misconception among the outsiders.
People work in offices, shop with family, enjoy in the park, pray in churches, and visit doctors like common people in all other cities in the country do. To sum up, it is prudent to say that the economy of the city is dependent upon the casino industry but not the residents of the city indulge in late-night parties and gambling like the tourists.
Las Vegas gives a suburban feel to its residents despite being so densely populated. It is an hour’s drive from one end to another. This means you need to have your own car to move around and inside the city comfortably. There is very little traffic in Las Vegas if you compare it with the traffic in L.A and Houston.
Don’t think Vegas is congested just because of what you see on the strip. Apart from the strip and the spaghetti junction, you can move around freely in Las Vegas. In fact, the average commute time in Las Vegas is just 24.5 minutes.
What is great is the fact that there are many parking lots in Las Vegas. Some of them are free. This means you do not need to spend time finding parking where you go in Las Vegas.
Do you know that Nevada is one of the states where residents pay the lowest taxes out of their incomes? Some of the taxes charged by governments in other states are simply not there in Nevada. Do you know why?
The government of Nevada believes that the tax burden needs to be shouldered by the tourists spending money in the casinos and hotels of Las Vegas. You will be surprised to see that Sin City attracts nearly 40 million tourists every year.
If you are a pet owner, you will be happy to learn that Las Vegas has a large number of parks where you can take your Fido for a stroll. No matter where you decide to buy a home and live with your family, you have a beautiful park where you can take along your dog for some fun and frolic. Some of the popular dog parks of Las Vegas are Centennial Hills Park, All American Park, Barkin’ Basin Park, and Children’s Memorial Park.
Crime may be a factor in the minds of families planning to move to Las Vegas. Crime rates are a bit higher in Las Vegas than in other metropolitan cities around the country.
However, these crimes are mostly taking place on the “Strip” where casinos and hotels are located. The Las Vegas neighborhoods containing homes of the residents are quiet and peaceful and owners need not worry about the safety and security of their homes and loved ones.
This is one reason why there is a high demand for homes for sale in Las Vegas. However, it is advisable for you to carry out a study of the crime situation in various Las Vegas communities before buy a home in Las Vegas.
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What’s my Las Vegas house worth? Is the real million-dollar question. This tool is intended to be used as a guide for Las Vegas home values.
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