Ask almost anyone what they think of when they hear “Las Vegas,” and they’ll probably say the Strip. Las Vegas is an exceptionally unique American city inviting tourists worldwide to play, dine, and lounge.
That said, there’s much more to Vegas than the casinos, pool parties, buffets, and shows. Las Vegas locals enjoy quiet suburbs, outdoor recreation, plentiful sunshine, and no state income tax.
The real estate market continues to neutralize in Las Vegas, inviting new residents from major metropolitan cities like Los Angeles, San Francisco, D.C., and Seattle.
Las Vegas housing market forecast
The housing market in Las Vegas is neutralizing. In December 2022, Las Vegas home prices decreased by 1.3%, and the days on the market increased to 48 from 24 days.
Currently, the Las Vegas housing market is “somewhat competitive,” with some homes receiving multiple offers. Most homes, however, sell for 3% below the list price after several months on the market.
Buyers have several homes to choose from, making it incredibly important for real estate agents to use tools that help their listings stand out online.
As the Las Vegas housing market neutralizes, agents should use professional real estate photography services, 3d tours, and other enhancements to capture buyer attention.
Las Vegas homes for sale
In December 2022, 509 homes were sold in the Las Vegas area, down 60.9% YoY. As home values continue to rise, the median sold price for homes in Southern Nevada is now $430,900.
Currently, there are over 3,100 homes for sale in Las Vegas. Most residential properties in Vegas are detached single-family homes.
Average rent in Las Vegas
Renters make up a considerable portion of the real estate market. A whopping 48% of residents are renters, making the market investor-friendly. Although prices depend on specific locations, the average rent for a 1-bedroom in Las Vegas is $1,305.
A two-bedroom apartment averages around $1,556 (up 4%), and a three- to four-bedroom apartment ranges from $1,970 to $2,400.
The Nevada State Apartment Association expects rental prices to stabilize as rates rise more slowly this year.
Affordable neighborhoods for rentals include:
- Beverly Green
- Crestwood
- Francisco Park
- Hillside Heights
- Huntridge Park
- John S. Park
The most expensive neighborhoods for rentals are:
- Mountain Trails
- Sun City
- The Hills
- Red Rock
- The Canyons
Las Vegas neighborhoods
The neighborhoods in Las Vegas are incredibly diverse; residents have plenty of options, from the wild nightlife on the Strip to the more laid-back suburban oasis.
Here are the most popular Las Vegas neighborhoods:
- North Las Vegas
- Lake Las Vegas
- Arts District
- Summerlin
- Paradise
- Enterprise
- Mount Charleston
Whether a potential buyer wants a bustling city life or a pocket of outdoor recreation, a neighborhood in Las Vegas suits their needs.
Las Vegas economy
Currently, Nevada has the highest unemployment rate in the nation.
In December 2022, the unemployment rate in Nevada was 5.2%, and the Las Vegas unemployment rate was 5.5%. Las Vegas employment has decreased slightly since November 2022, but there’s been a 4.3% in jobs since December 2021.
While Las Vegas’s economy is fueled by hospitality and tourism, other prominent industries include technology, healthcare, and retail. Construction and mining remain staples for the growing economy, and the government is the city’s largest employer.
The diverse job market and no income tax in Las Vegas draw in potential buyers nationwide.
Need real estate pictures in Las Vegas?
Las Vegas listings marketed using professional real estate photography sell faster and for more money than the competition. Real estate agents in the Las Vegas area can partner with Virtuance for high-quality professional listing images and other stunning enhancements.
Scheduling a Virtuance photoshoot, 3d tour, or aerial photography is easy with 24/7 online ordering. Ready to elevate your listings and grow your lead list? Schedule a shoot today.
