Las Vegas home prices continue to rise, and with the shrinking inventory across the board, the demand for single-family homes is higher than ever.
The Greater Las Vegas Association of Realtors estimated that the median sales price of a resale single-family house in Las Vegas rose to $315,000. Single-family homes are the most popular choice among all demographics including young families, retirees, and first-time home buyers.
Meanwhile, the median estimated home value of a single-family home in Las Vegas was $260,800 in April, a 16-percent increase from one year ago, according to Zillow.
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Although about 80 percent of the homes built in recent years have been two-story homes, Las Vegas still has a considerable inventory of single-family homes many of which are available on the resale market or new constriction.
Those single-family homes include luxury homes, townhouses, and traditional tract builder homes. Many single-family homes are located in established neighborhoods that have been built before developers started cutting back lot sizes to maximize profits.
While buying an older home means getting your money’s worth as you get a bigger lot size in a quiet, secluded neighborhood, the prices of one story single-family homes are typically higher than two-story homes.
This is because one story homes require more of the roof, foundation, lot size and longer runs for pluming which are four of the most expensive components of a home. This makes the prices for a single-story house on average 5-10 percent higher than a two-story home. Others would say a single story home averages about $15-$20 higher per square foot.
The housing market in Las Vegas was one of the hardest hit in the nation by the housing market crash years back, however it has picked up steam in recent years thanks to its strong job market, lower cost of living and consistent sunny weather that entices on average of 7,000 people to move to Clark County monthly. About 3,000 people leave monthly so our average net growth in population currently is about 4,000 per month.
As of March, Las Vegas was ahead of the pack of metro areas that registered the highest increases in single-family houses, with the annual price hike of 12.6 percent.