Enjoy this Las Vegas Real Estate Market Report for this month. You can also do a home search and save your favorite properties. Set up a search and be alerted as soon as a matching property hits our database. It’s Exclusive.

Single Family Prices

  • New Listings: 3,913
  • Pending Sales: 3,950
  • Closed Sales: 3,430
  • Days on Market Until Sale: 38 (May) and 45 Year to Date
  • Median Sales Price: May $250,000
  • Average Sales Price 2017: $285,478
  • Percent of List Price Received: 98.8%
  • Total Inventory of Homes for Sale: 5,588
  • Months of Supply: 2

Graph showing key metrics for single family homes sold and listed and pended in Las Vegas. Includes Las Vegas real estate inventory supply

 

 

Las Vegas just hit a median sales price of $250,000 and sellers are getting 98.8% of their list price on Average.

Condo Prices

Graph showing home prices and inventory for Las Vegas condos and townhouses

Median Sales Prices in Las Vegas 2017 – Rolling 12 month


What’s Your House Worth?Get an Instant Estimate

Las Vegas Housing Market Continues to See Low Inventory



Here’s a look at the Las Vegas Real Estate Market for June, 2017. According to a report released on June 6th by the Greater Las Vegas Association of REALTORS® (GLVAR), property prices continue to increase as Las Vegas moves into a real house shortage.

From May of last year to May of this year, the price of a single-family house in Las Vegas went up by 12.2 percent.

May saw a total of 4,297 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Las Vegas during the month of May was $250,000. This amount shows an increase of 13.3 percent from last May and a 3.3 percent increase from April’s median price range of $249,000. At the end of the month, there were 4,972 single-family homes on the market without an offer.  Read More Here!

The Southern Nevada’s real estate sector is now an industry plagued by a crisis as a low home supply and high home prices continue to rock the market.

According to a report by the Greater Las Vegas Association of Realtors, the supply of housing plummeted in May. There were only 4,972 homes without any offer by the end of the month. This shows a 32.4% drop from last year’s May.
Click on the price or feature of the Real Estate You would like to see. You'll be taken to a page of MLS listings just as you requested. When you see something you like, Call 1-800-805-8354.
All HomesVegas Under 100KLas Vegas Under 200K
Vegas Under 300KVegas Under 400KVegas Under 500K
Vegas Under 600KVegas Under 700KVegas Under 800K
Vegas Under 900KVegas Under a MillionVegas Luxury
What's My Las Vegas House Worth?Las Vegas High RisesLas Vegas Foreclosures
New ConstructionLas Vegas NeighborhoodsContact a Las Vegas Real Estate Agent
Las Vegas Homes with No HOAGet an Email when new homes hit the market.Instant Home Value Estimator

David J. Tina, the president of the Greater Las Vegas Association of Realtors, notes that although Las Vegas has been experiencing a tight housing supply in the last couple of years, it has now come to a point where it is fair to call it a housing shortage.

Observers from the National Association of Realtors® have of late been saying that low housing supply and high prices have become major concerns across the United States. However, David J. Tina notes that although most metro areas are experiencing a low housing supply, the problem has mostly been felt in Las Vegas where population and housing demand are growing faster than most places. Surprisingly, the falling supply has been accompanied by rising demand. The high demand is evidenced by the growth in the number of home sold this year. In May, a total of 4,297 homes sold.

The Greater Las Vegas Association of Realtors’ report indicates that local home sales in this year are outpacing last year, and that has been the trend since 2014. In a nutshell, it is apparent that the problem of inadequate housing supply is further being aggravated by the rising demand.

The rise in housing demand can be attributed to a number of factors. The first cause has to do with population growth. The population of southern Nevada has been increasing steadily in the recent past. Las Vegas has a population of 2.2 million people and this is certainly putting pressure the limited inventories. Second, although the economic growth of Las Vegas has been slow, the growth has been sure and steady. As a result, the job market has experienced significant improvement adding to the number of people that can afford to own a home. Third, the mortgage rates dropped significantly this year and home buyers have been trying to take advantage of the lower mortgage rates to buy homes even at higher prices.

Experts have identified a number of factors that could be pushing down the supply of housing. Some commentators argue that the inadequate supply could be coming from the demand side of the market. According to Cheryl Young, a senior economist at Trulia Listing Service, The nationwide housing shortage is coming from the excess demand that is driving prices high. As a result of the higher prices, homeowners are unwilling to sell their old homes due to fears of difficulties in finding new affordable homes. Consequently, potential home sellers are being locked into their old homes.

Other experts attribute the low inventories to the soaring number of underwater mortgage borrowers. An underwater mortgage is a home purchase loan characterized by higher balance than the fair market value of a home. The impact of more people buying homes using underwater mortgage is that it reduces the homeowners’ appetite to sell because they must pay the loss from their pockets. In a nutshell, underwater borrowing is discouraging homeowners from selling their properties and this has affected the inventories negatively.

In the last couple of years, the Las Vegas real estate industry has also been experiencing an unprecedented rise in home prices. That trend is continuing and this year.

In May of this year, the median price of a single-family house in Southern Nevada was $250,000.

According to a report by the Greater Las Vegas Association of Realtors, this was a 3.3 percent higher compared to the median price of April. From May of last year to May of this year, the price of a single-family house in Las Vegas went up by 13.3 percent.

From the foregoing, it is apparent that the rising home prices can be attributed to a multiplicity of factors. Inadequate supply means more aggressive competition among willing buyers leading to higher prices. High levels of home demand give buyers a stronger bargaining power than sellers. To this end, it can be concluded that the skyrocketing prices of homes in Las Vegas are a result high demand and an acute shortage.

The limited inventories, high demand, and skyrocketing prices have had several impacts on the players in the Las Vegas Real Estate Market. High demand and high prices are good for the sellers. Sellers have a stronger bargaining power and they are easily fetching higher prices and making higher profits from house sales. However, the rising prices are also having a negative impact on supply as noted earlier. Buyers who wish to sell their old homes and acquire new ones are now more reluctant to sell and that is leading to low lower inventories. For real estate agents and listing services providers, decreasing supply mean shrinking trading opportunities and therefore, low supply is bad for their businesses.

In a nutshell, these are good times for home sellers because they can make more money from higher prices. However, real estate agents are experiencing a dry spell due to inadequate supply and the slowing level of business in the Las Vegas’ real estate industry. As it stands, things are even toughest for buyers because getting a home to purchase has become more difficult, and even after getting one, a buyer has to compete with other potential buyers and pay a higher price to beat competitors.

In conclusion, it is apparent that although there is a housing shortage in most metro areas throughout the United States, the problem is dire in Sothern Nevada particularly in Las Vegas metro area owing to the growing population, stable economic growth, and lower mortgage rates among other factors leading to excess demand. The rising demand and the shrinking supply keeps pumping the prices higher, and in the last 12 months, the prices have gone up by more than 12 percent.

Others Have Asked
If you are thinking of selling and wonder how much your house might sell for in today’s Las Vegas Real Estate Market, use this instant home value estimate or call 702.482.7739. We serve Henderson, North Las Vegas, and Las Vegas and have partners across the nation as well.

Market Reports from 2017

January 2017February 2017March 2017
April 2017May 2017June 2017

Market Reports from 2016

March 2016April 2016May 2016
June 2016July 2016August 2016
September 2016October 2016November 2016
December 2016

Year-to-Year Comparison of Property Types & Prices

yearly comparison real estate market chart

Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.

Here’s the most recent home listings just added to the database in the average price range for Las Vegas. All homes here are priced at $250,000 or less.

Homes for Sale by Price

NeighborhoodZip CodeMedian Sold (SF)
Aliante89084$305,514
Alta Mira89135$234,300
Anthem Homes For Sale89052$391,933
Anthem Country Club 89052$525,000
Ardiente89081$250,000
Arlington Ranch89178$252,500
Black Mountain Vistas 89102$280,000
Canyon Gate Country Club89117$765,000
Cadence89011$333,500
Calico Ridge89011$284,233
Canyon Gate89117$765,000
Centennial Hills 89081
89129
89131
89143
89149
89166
$295,000
Champion Village 89012$263,900
Coronado Ranch 89139$263,500
Desert Inn Country Club89109$115,000
Desert Shores 89128$315,000
Eldorado 89031
89084
$247,015
Elkhorn Ranch89149$167,000
Elkhorn Springs 89131
89149
$205,000
Foothills at MacDonald Ranch 89012$1,485,000
Green Valley Homes For Sale89012
89014
89052
89074
$289,500
Green Valley Ranch 89012$393,000
Green Valley South 89052
89084
$275,000
Highlands Ranch89141$312,000
Hillsboro Homes89074$600,000
Inspirada89044$377,750
Iron Mountain Ranch89131$425,000
Lake Las Vegas 89011$933,312
Las Vegas Country Club 89109$297,000
Legacy Golf Community 89074$170,000
Lone Mountain 89129$209,500
Lone Mountain West89129$329,000
Los Prados89130$234,000
Lynbrook 89130$250,000
MacDonald Highlands89012$1,072,000
MacDonald Ranch89012$238,000
Madeira Canyon89044$437,250
Mcneill 89102$385,000
Mesa Verde89032$142,500
Mira Villa 89144$194,000
Montecito89178$220,000
Mountains Edge 89178$250,000
Nevada Trails 89113$342,000
North Shores 89129$244,500
Painted Desert89149$291,495
Paradise Hills 89002$262,450
Peccole Ranch 89117$305,000
Providence 89166$267,450
Queensridge 89145$520,000
Rancho Las Palmas89123$187,000
Red Rock Country Club 89135$647,540
Rhodes Ranch 89148$324,950
Scotch 80’s 89102
89106
$270,000
Seven Hills 89052$430,000
Shadow Hills 89129$276,000
Siena 89135$441,000
Silver Springs 89074$310,000
Silverado Ranch 89123$247,500
Silverstone Ranch 89131$258,250
Solera 89044$238,000
South Shore 89128$280,000
South Valley Ranch89011$169,750
Southern Highlands 89141$314,750
Southern Terrace89148$380,000
Southfork Henderson 89052
89074
$397,500
Southwest Ranch89148$448,500
Spanish Hill89148$1,000,000
Spanish Oaks 89102$230,000
Spanish Trail 89113$770,000
Spring Mountain Ranch 89143$211,000
Spring Valley89147$231,500
Stallion Mountain 89122$210,500
Summerlin 89128
89134
89138
89144
89145
$300,000
Summerlin Hills89128
89134
89138
89144
89145
$568,250
Summerlin WestVarious$359,750
Sun City Aliante 89084$199,000
Sun City Anthem 89044
89052
$350,000
Sun City Macdonald Ranch89012$222,251
Sun City Summerlin 89134$300,000
Sunridge at Macdonald Ranch89052$222,251
The Bluffs89014$261,000
The Lakes 89117$266,000
The Ridges89135$2,200,000
Tierra De Las Palmas 89031$183,750
Town Center 89149$160,488
Tuscany89011$303,490
Whitney Ranch 89014$262,500
Woodcrest89108$156,500
Check out: How to Buy a property in Las Vegas