What Is the Housing Market Like in Las Vegas, Nevada?
Are you tired of being a renter or wanting to have your own house that you can truly call home in Las Vegas, NV? Well, whether you’re a first-time buyer or a seasoned investor, being in the know about the local housing market is the way to go before you make your move. Thankfully, in this guide, we’ll tell you everything you need to know when it comes to the housing market and the steps you need to take to buy a home.
An Overview of the Las Vegas Housing Market
Las Vegas is a popular place to buy a home because it’s growing rapidly, has lower prices than many major cities, and offers numerous job opportunities and exciting activities to enjoy.
Recent Pricing Trends
Over the past year, home prices in Las Vegas went up by about 4%, making houses now valued at around $440,000. Although that growth has come from a slower pace than previous years, it’s still something to note in today’s economy. Plus, after the big jump in housing prices from 2020 to 2022, things are finally starting to even out.
Supply and Demand
According to Rice Real Estate, there has recently been a 10% increase in homes for sale in Las Vegas. With that being said, this means there’s a balanced market in Las Vegas for homes to buy and to sell. This is especially good news for buyers! Because there are enough homes available for those looking, this also gives them time to view and evaluate as many houses as they want and negotiate terms with their seller.
Understanding the Home Buying Process in Las Vegas
If you’re curious about buying a home, you’re not alone. It can seem overwhelming, especially in a bustling city like Las Vegas. Explore our tips below to make the process easier.
What Is the Process of Buying a Home?
As a first-time homebuyer, the process of buying one can seem overwhelming at first glance. But if you want to move on from becoming a renter, you’ll have to start somewhere. Thankfully, the steps to transition into homeownership are relatively simple to follow. Here’s how:
- Get pre-approved. Talk to a lender to find out how much you can spend.
- Find a realtor. A real estate agent helps you look for homes and make smart choices.
- Start house hunting. Visit different homes and pick your favorites.
- Make an offer. When you find the one you like, your agent helps you make an offer to buy it.
- Do inspections and appraisals. Experts inspect the home to ensure it’s priced fairly.
- Close the deal. You sign papers, pay for the home, and get the keys!
Unique Aspects of Buying a Home in Las Vegas
There are many things you should know when it comes to buying a home, and that includes where exactly you’re buying it. Las Vegas, for one, has some unique aspects. One is that many of their neighborhoods come with homeowners’ association fees. This is when you make additional payments to help take care of your shared space. Another unique feature about Las Vegas is that you’ll essentially be living in the desert, meaning there may be more rocky yards than grass.
Additionally, according to SEIA, Nevada ranks sixth in the country for solar installations. This is due to Nevada’s constant sunshine, which means having solar panels can significantly save you money in the long run for Las Vegas homeowners. Another thing about living in Nevada is that there’s no state income tax, which can also help you save money, especially if you’re retired or run your own business.
Is it a Good Time To Buy a Home in Las Vegas?
With prices and interest rates changing, you might ask, “Is now a good time to buy a home, or should I wait?” Well, it depends on your budget and plans.
Interest Rates and Buyer Incentives
Not many people are fond of interest rates, but buyer incentives can compensate for them, depending on their nature. According to data from Freddie Mac, there’s been an 18% increase in purchase applications since last year. A contribution to this could easily be due to builders and lenders offering buyer incentives, such as rate buydowns and closing cost assistance.
What Experts Are Saying
With overall housing prices predicted to increase in the next few years, the pace of those price increases is estimated to be slow and steady. This makes experts actually feel quite hopeful, yet careful about the housing market. According to Moles Group, they believe that there’s an opportunity to get ahead of the curve to buy a house now before more people start to look while inflation is low.
Best Neighborhoods To Consider When Buying a Home
Las Vegas isn’t just The Strip—it has many neighborhoods with different prices and styles, so everyone can find a good fit.
Up-and-Coming Areas
Skye Canyon and Cadence are great places to look for a home if you’re wanting to live somewhere near and that has potential for growth. Skye Canyon is a new community with amenities like Sky Canyon Park, Skye Fitness, and even extensive trails and bike lanes for you to stay active.
As for Cadence in Henderson, it’s a good place to live if you’re a first-time homebuyer. With easy access to Harry Reid International Airport, the Las Vegas Strip, and downtown Las Vegas, you can get around to all the essential spots within minutes when you live in Cadence.
Established Communities With Strong Amenities
It’s a great idea to live in Summerlin or The Lakes if you want a place to live that already has an established reputation in Las Vegas. According to Money Magazine, Summerlin was ranked as one of the best places to live in Las Vegas due to its 150 miles of trails and proximity to outdoor activities at nearby Red Rock Canyon.
And when it comes to The Lakes, it’s a quiet, older area with custom homes close to Downtown Summerlin. Named after its waterfront setting, as many artificial lakes surround it, it’s known for giving a resort-style feel that many may seek after.
Store Your RV or Boat With Honey Bee RV Storage in Las Vegas
Moving or buying a home in Las Vegas? Let Honey Bee RV Storage in Las Vegas help. While you settle in, we’ve got a place to store your RV or boat. Our storage is clean, easy to use, and ideal for storing your large vehicles.
Call or contact us online today to rent your space and make your move easier!