Las Vegas, NV Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Las Vegas, NV Housing Market Trends

With 651,319 people, 231,915 houses or apartments, and a median cost of homes of $303,011, Las Vegas real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Las Vegas, accounting for 61.53% of the city's housing units. Other types of housing that are prevalent in Las Vegas include large apartment complexes or high rise apartments ( 23.91%), duplexes, homes converted to apartments or other small apartment buildings ( 8.60%), and a few row houses and other attached homes ( 4.68%).

The most prevalent building size and type in Las Vegas are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.03% owning and 47.97% renting.

There is a lot of housing in Las Vegas built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Las Vegas built between 2000 and later ( 28.20%). A lesser amount of the housing stock also hails from between 1940-1969 ( 12.87%).

Vacant housing appears to be an issue in Las Vegas. Fully 10.62% of the housing stock is classified as vacant. Left unchecked, vacant Las Vegas homes and apartments can be a drag on the real estate market, holding Las Vegas real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Las Vegas Home Appreciation Rates

In the last 10 years, Las Vegas has experienced some of the highest home appreciation rates of any community in the nation. Las Vegas real estate appreciated 149.15% over the last ten years, which is an average annual home appreciation rate of 9.56%, putting Las Vegas in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Las Vegas definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Las Vegas that despite a nationwide downturn in the housing market, Las Vegas real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Las Vegas appreciation rates continue to be some of the highest in America, at 6.59%, which is higher than appreciation rates in 78.41% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Las Vegas. Las Vegas appreciation rates in the latest quarter were at 2.42%, which equates to an annual appreciation rate of 10.04%.

Relative to Nevada, our data show that Las Vegas's latest annual appreciation rate is lower than 60% of the other cities and towns in Nevada.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Las Vegas differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Las Vegas - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Las Vegas real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$303,011

Las Vegas, NV HOME PRICES

> $1,310,000
1.4%
1.4%
$982,001 - $1,310,000
1.3%
1.3%
$655,001 - $982,000
5.4%
5.4%
$524,001 - $655,000
6.2%
6.2%
$393,001 - $524,000
15.5%
15.5%
$262,001 - $393,000
29.5%
29.5%
$131,001 - $262,000
30.0%
30.0%
$65,001 - $131,000
7.1%
7.1%
$0 - $65,000
3.6%
3.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for NV

Value Relative To Nation

Number Of Homes And Apartments:
231,915

Las Vegas Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NV*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
109.80% 3.59%
6
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,481 / per month

Homeownership Rate

Owners
52.0%
52.0%
Renters
48.0%
48.0%
Vacant
10.6%
10.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
28.2%
28.2%
1970 - 1999
58.5%
58.5%
1940 - 1969
12.9%
12.9%
1939 or Older
0.5%
0.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
61.5%
61.5%
Townhomes
4.7%
4.7%
Small Apt. Buildings
8.6%
8.6%
Apt. Complexes
23.9%
23.9%
Mobile Homes
1.3%
1.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.9%
3.9%
1 Bedroom
9.7%
9.7%
2 Bedrooms
26.7%
26.7%
3 Bedrooms
36.8%
36.8%
4 Bedrooms
18.4%
18.4%
5 or more bedrooms
4.5%
4.5%
0.0% 100.0%
% OF HOMES