LAS VEGAS (KLAS) — As prices continue to rise your money is not going as far as it once did.
Now, we are looking at what you can now get for the average price of a home in the valley.
The housing market in Las Vegas continues to boom, and what you can get today versus five or ten years ago is a lot different.
“It is a market that is continuing to escalate,” said real estate broker Trish Nash. “It is really creating a lot of concern for buyers who cannot go above the $400,000 price range.”
In June, the average price was $395,000 for a home in the valley. Nash says years ago you could get something much bigger than what you will find today.
“Five years ago, my goodness you could get maybe a 3,000 square foot home with a pool for $450,000,” Nash said. “So, what you are getting now for your dollar has really reduced.”
We took a look at what you may find for $395,000.
In growing North Las Vegas, you can get more for that price like this 5-bedroom 2,000 square foot home.
In Henderson, single-family homes are harder to come by at that price. This home is one example. It is 500 square feet smaller and 10 years older.
“It is causing buyers to look at other options such as condos,” Nash said.
Condos and townhomes are also selling for much more.
Near St. Rose Parkway, an up-and-coming area of west Henderson, new townhomes are now selling for almost $400,000.
Nash says the demand is high, especially from out-of-state buyers.
“We jumped on one of the waiting list with one of the builders, we did not get our first choice in model because the waitlist was too long,” said Scott Barr.
Barr and his fiancé are moving to Las Vegas from Los Angeles.
They are building a home. He says the market was more hectic than they thought, but it still makes more sense than L.A.
“The process five years ago I think would have been totally different,” Barr said. “I am sure it was a lot cheaper than it is now.”
Many want to know when prices will drop to then buy. Nash does not expect that to happen anytime soon. She thinks prices will go up some more but expects them to eventually level off.
Rent prices are on the rise as well. According to RENTCafe, the average price of a one-bedroom apartment in Las Vegas is just shy of $1,200 dollars, up 9% from one year ago.