Las Vegas Housing Market: Trends & Prices
Las Vegas Real Estate Market Overview
(Last Updated – 7/2023)
For many, Sin City is a place to escape and have some fun. But for over 650,000 people, Las Vegas is home. And who wouldn’t want to live in one of the hottest vacation spots around? World-class restaurants, spas, shopping, and casinos are all available to Las Vegas residents.There is plenty of excitement to be found in Las Vegas, but there are also a lot of career opportunities. Almost 410,000 people work in Las Vegas, earning a medium income of $61,356. An income like that can stretch far in the Las Vegas housing market, considering the average home price amounts to $410,000.
While Las Vegas may not seem like a family-friendly city, that couldn’t be further from the truth. The city has 380 schools and has a budget of about $2.8 billion for this year. The Clark County School District in Las Vegas is the fifth-largest school district across the nation.
Be warned, your kids likely won’t be walking to school. Las Vegas has a walking score of 42/100, which lands it a spot as the 30th most walkable large city in America.
It’s also not very bike-friendly, and while it does have some public transportation options available, expect that you will most likely need a car here. What Las Vegas lacks in walkability, it makes up for in affordability. The cost of living in Las Vegas is only 1% higher than the national average.
Overall Las Vegas Market Trends
According to Redfin’s Market Trends Report, Las Vegas home prices went down 5.7% in June 2023 compared to last year. Ready for some good news about house prices in Las Vegas? It is predicted that the average home price may rise in the next year.
Las Vegas is considered a “somewhat competitive” housing market with homes on average receiving two offers. Generally, homes in this area sell for about 2% below the list price and go pending in 40 days.
$410,000
Avg. Home Price
$240
Avg. Price Per Sq. Ft
38 days
Avg. Time on Market
Las Vegas Housing Market Forecast
The Las Vegas housing market has seen slow, but steady growth in recent years. That trend is expected to continue—the Las Vegas housing market forecast predicts a slight increase in the next year.
If you’re looking to invest in the Las Vegas real estate market, experts are generally recommending you do so sooner rather than later.
Demographics of the Las Vegas Market
There is no shortage of exciting things to do in Las Vegas, which is probably why it’s considered one of the most fun places to live in the United States.
Alongside the glitz and glamor that can be found on the Strip, there is a lot of family fun to be had.
To start, there are over 100 parks and community facilities for families to choose from in Las Vegas. Keep reading to learn more fast facts about the demographics of Las Vegas.
Median Income: $61,356
Median Age: 37.9
College Educated: 25.9%
Homeowners: 53.7%
Married: 45.7%
Popular Las Vegas Neighborhoods
Whether you want to be a stone’s throw away from the Strip or are looking for a more suburban feel, there are plenty of great neighborhoods to choose from in Las Vegas.
Some are family-friendly, while others may be a better fit for single workers looking to have a little fun. Keep reading for some fast facts about our favorite Las Vegas neighborhoods.
Spring Valley
Spring Valley is an ideal place for young professionals with family values. This neighborhood has a dense suburban feel, but has plenty of bars, restaurants, and coffee shops to choose from.
Not to mention, the public schools in Nevada are considered to be above average and there are a lot of nice parks nearby.
Quick Facts
Population:
217,441
Median Age:
38.4
Housing Units:
92,750
Bike Score:
43/100
Walk Score:
44/100
Transit Score:
38/100
Average Household Income:
$84,649
Spring Valley Housing Market
In June 2023, Spring Valley home values were down by 10.3% compared to last year, and houses were on the market for an average of 35 days.
Average Home Price
$390,000
Average Price Per Square Ft.
$241
Michael Way
If you’re looking to move away from the hustle and bustle of Downtown Las Vegas, then you may find Michael Way is a good fit for you. It only takes 22 minutes by car to commute to Downtown from this neighborhood—and less than 40 minutes by bike if you want to squeeze in a workout on your way to work.
Quick Facts
Population:
45,695
Median Age:
34.3
Housing Units:
N/A
Bike Score:
47/100
Walk Score:
60/100
Transit Score:
41/100
Median Household Income:
$47,311
Michael Way Housing Market
Home values in this neighborhood were down 5.2% in June 2023 compared to last year.
Despite this price drop, homes in Michael Way typically go pending in only about 9 days.
Average Home Price
$329,869
Average Price Per Square Ft.
N/A
Downtown
If you want a lively atmosphere, then living in Downtown Las Vegas may be your idea of a good time. You’ll join the almost 65,000 residents who live in that neighborhood. It’s obvious why Las Vegas residents are eager to live Downtown—access to great nightlife, shopping, and dining are just minutes away.
Quick Facts
Population:
64,797
Median Age:
33.1
Housing Units:
25,703
Bike Score:
68/100
Walk Score:
74/100
Transit Score:
55/100
Average Household Income:
$50,756
Downtown Housing Market
If you head Downtown, you may find a steal on a home. Compared to last year, home prices in Downtown Las Vegas went down 3.6% in June 2023.
Average Home Price
$335,000
Average Price Per Square Ft.
$305
Summerlin South Housing Market
Summerlin South is a popular neighborhood filled with golf courses, walking trails, and cultural centers. Residents of all ages can enjoy the fun activities this prominent community has to offer.
Quick Facts
Population:
28,861
Median Age:
46.2
Housing Units:
13,488
Bike Score:
34/100
Walk Score:
22/100
Transit Score:
28/100
Average Household Income:
$156,218
Summerlin Housing Market
Home values in Summerlin South are higher than in many other areas of Las Vegas. However, in June 2023, the average sale price was down 13.9% compared to last year, and houses were on the market for an average of 56 days.
Houses in this neighborhood cost more than the median price per square foot in Las Vegas. Summerlin South costs $314 per square foot, whereas the Las Vegas median is $240.
Average Home Price
$590,000
Average Price Per Square Ft.
$314
Sun City Summerlin
Dog lovers, Sun City Summerlin may be the perfect neighborhood for you and your pooch to call home. Other benefits of living in this area include easy parking and well-lit streets.
Quick Facts
Population:
23,152
Median Age:
64
Housing Units:
12,623
Bike Score:
29/100
Walk Score:
19/100
Transit Score:
20/100
Average Household Income:
$104,448
Sun City Summerlin Housing Market
Home prices were down 12.2% in June 2023 compared to last year.
In this not very competitive market, most homes sell for about 2% below list price and take 56 days to go pending.
Average Home Price
$407,000
Average Price Per Square Ft.
$279
SoFi Home Loans
It’s easy to see why Las Vegas has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after. If you think Las Vegas could be your home sweet home, then you may need to consider your mortgage financing options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
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