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Las
Vegas Real Estate Report > Homes
Homes
The market for Las Vegas homes continues to boom, and 2003 saw a record number of homes sold in the Las Vegas valley. Las Vegas homes range from the many moderately priced and family-friendly suburban homes to the more luxurious and exclusive communities. The median price for new Las Vegas homes, as of late 2003, was in the mid-$200,000's, and standing inventory is almost non-existent. In some communities, buyers interested in new Las Vegas homes wait to participate in a lottery for new offerings. Resales are a bit more attainable and affordable, at a median price of $180,000. In the hotter neighborhoods, available properties go very quickly, and throughout the Las Vegas valley it's necessary to act immediately on available Las Vegas homes.
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Las Vegas homes priced at market are selling within an average of 2.5 percent of the listed price. If you are ready to purchase Las Vegas homes, it is smart to request that your agent perform a market analysis for your preferred areas, so you know what asking prices are reasonable, and what offers are likely to be accepted.
Many investors have been attracted to the great prices and expansive growth in Las Vegas. However, in new Las Vegas homes, market investors tend to be limited or excluded altogether, as renters are generally regarded as less desirable for building a new neighborhood than owner-occupants. The current renter's market can also make it challenging for an investor to turn a profit on a property that is likely to stand empty for several months between renters; rents these days for Las Vegas homes are quite low in comparison to mortgage and maintenance costs.
Some new Las Vegas homes are being designed with a view to saving energy by taking advantage of the year-round sun. In 2003, Pardee Homes debuted its new Nevada Trails Ultimate Family Home, which is designed to generate all the energy it requires.
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