Thinking about buying a home or condo in Las Vegas, Nevada? The city known for its hot sunny weather is now becoming one of the hottest places to live in the United States. This means that people from all over the country are moving to Las Vegas and therefore, need help finding real estate. This article serves as a guide to Las Vegas real estate so that you can become informed about the market and have a successful homebuying experience.
Las Vegas Housing Market
The real estate market in Las Vegas has seen low levels of inventory and high demand from buyers. Basically, it is a seller’s market where buyers are competing to buy homes. This has caused real estate prices in Las Vegas to hit all-time highs.
The median home price in November 2021 was $420,000, up more than 20% from the year prior. During the same month, 3,273 single-family homes and 862 condo units were sold. The average price for a condo was $240,000.
When buying a home in Las Vegas, you need to be prepared to act quickly. Again, in November 2021, 76.8% of single-family houses and 79.8% of condos sold in 30 days or less. This means that when you find the home you want; you and your real estate agent should submit the offer as soon as possible.
Areas to Live
The Las Vegas Valley – including Henderson, North Las Vegas, and surrounding areas – is home to more than 2 million people. Sprawling across the desert floor are plenty of communities, neighborhoods, and subdivisions to call home.
One of the most popular places to live in Las Vegas in Summerlin, a large master-planned community on the west side of the city. It really feels like a separate city with its own downtown area and a population of more than 100,000. However, Summerlin is part of Las Vegas.
If you’re looking to live among all the action and excitement of Las Vegas, you may consider buying a condo on the Las Vegas Strip. These are located in high-rise buildings where you can see the bright lights of the city and be within minutes of shows, gaming, and other entertainment options.
For a slower pace of life, you might consider the Northwest part of Las Vegas with its more suburban and rural neighborhoods built alongside the mountains. Alternatively, you could move to Henderson, the city that’s Las Vegas’ neighbor and the 2nd largest city in Nevada.
Popular Place to Retire
Thanks to the great weather, 24/7 entertainment and outstanding places to live, Las Vegas has become quite the retirement destination in recent years. Snowbirds flock from all over for a warm climate with lots of things to do. Additionally, many retirees from high-cost states like California, New York, and Illinois have decided to retire in Las Vegas.
Some of the most popular neighborhoods for retirees in Las Vegas include Sun City Summerlin, Spanish Trail, Southern Highlands, The Ridges, Red Rock Country Club, and Sun City Anthem. However, these are just a few of the places you can live.
If you’re like most retirees who wish to buy a home in Las Vegas, you’ll want to use a website that allows you to view real estate and 55+ communities in Las Vegas. Because there are more than 20 retirement communities in Vegas and hundreds of potential neighborhoods to choose from, it also helps to work with a local real estate agent.
When touring areas to live, be sure to browse the variety of gated communities and golf resort neighborhoods, in addition to the 55 and over communities. Don’t miss checking out some of the vintage neighborhoods in Vegas, either. These historic communities were once home to famous celebrities.
Real Estate in Las Vegas
This article was written as a guide to helping you with your decision to buy real estate in Las Vegas. It’s a booming city where the price of homes keeps going up and up. No one knows when the market will cool off; but what we do know is that Las Vegas is here to stay. From luxury homes and gated neighborhoods to golf course communities and high-rise condos on the Strip, there’s a home for everyone in Las Vegas!