If you’re contemplating a move to the Las Vegas area, you’ll be pleased to know that the metropolitan city is about so much more than the main Casino strip. Due to the sheer size of the wider city, Las Vegas has something to suit all tastes.
Whether its golf courses and aquatics, an abundance of green parks, or you're more attracted to the hustle and bustle lifestyle, Las Vegas has it all.
To help you along the way, we've listed the five best neighborhoods in Las Vegas to live in 2019.
Las Vegas Housing Market: The Current State Of Play
Before delving into our top five neighborhoods, we should note that Las Vegas currently has a very strong housing market. With a current median home value of $276,500, Las Vegas properties grew by 10.5% last year. This outgrew the U.S. average of 6.6% by some distance.
Forecasts over the course of the next year are also strong, with properties expected to grow by 6%, in comparison to the national average of 4.1%.
Although median house prices are approximately $50,000 higher than the U.S. average, this is potentially justified by the growth of the market.
However, this isn’t to say that the Las Vegas housing market is unsuitable for low-income or first-time buyers, as certain areas are cheaper than others. Bunkerville, for example, has an affordable median home value of just $158,700.
Henderson is situated a mere 17 miles from the main Las Vegas strip, meaning you're close enough to the action, but not quite too close. With a population of just over 300,000 people, Henerson is a thriving city. In terms of the fundamentals, Henerson is currently experiencing a strong jobs market.
With more than 143,000 employees operating in the area, this represents a 10.9% increase from the year prior. Median household incomes also grew by 2.16% this year, up to $69,667. It should be noted that the strong jobs market is reflected in median property prices.
At the time of writing, you'll be looking at an average of $331,100. Although this is arguably one of the most expensive areas of Las Vegas, property prices did grow by 9% last year, just shy of the wider Las Vegas average.
As noted earlier, Bunkerville is one of the most cost-effective areas to buy a house in Las Vegas. This makes it an ideal location if you’re either a low-income or first-time buyer. With a median property value of just $158,700, this amounts to an approximate discount of $118,000 against the wider Las Vegas average.
The tiny area of Bunkerville is home to just 1,277 people, which interestingly, is a 10.3% population decrease from the previous year. Don't let the decrease in population fool you, as Bunkerville is currently thriving.
Firstly, median property prices grew by 31.1% last year, making it one of the fastest growing housing markets in the country. Although the number of employees declined by 13.1% last year, median household incomes grew by 54.9%. While it is true that volatile fluctuations are common in small areas like Bunkerville, the stats are most certainly going in the right direction.
3. North Las Vegas
North Las Vegas is very quickly becoming a hot location for a magnitude of reasons. Firstly, the area is well-known for its golf courses and aquatics, making is a pleasant escape from the main strip. In terms of the economy, the job market is more than steady, with a year-on-year increase of 2.75%.
Median household incomes are also on the rise, with a 12-month increase of 4.22%. Interestingly, the median age of those based in North Las Vegas is just 32.2 years. This makes it one of the youngest areas in the country, in comparison to the national average of 37.2 years.
One of the biggest draws to North Las Vegas from the perspective of homeowners is that appreciation levels are really strong. Properties grew by 12.5% last year, with a forecasted increase of 7.4% over the course of the next 12 months. This outpaces averages at both a metropolitan, state, and national level.
4. Desert Shores
Desert Shores is often described as one of the most up-and-coming areas in Las Vegas, not least because of its perfect proximity between the main strip, and the foothills of Northwest Vegas.
The area is home to several parks and recreational facilities, which is spread across an impressive 700 acres of land. Desert Shores is actually more of a community, with a population just surpassing 17,000 people.
Property prices are actually quite high in Desert Shores, with a median house price of $322,000. Growth still outpaced the national average last year at 8%, however, this falls just below the wider Las Vegas average of 10%. Next year prices are expected to increase by 5.2%, which again, outpaces the U.S. average, but falls just short of the wider Las Vegas metropolitan area.
5. Sunrise Manor
Sunrise Manor is a notable Las Vegas location that is currently experiencing good job growth, with an additional 3.67% employees entering the market this year. This subsequently led to 4.67% increase in median household incomes.
With a median age of just 33.1, Sunrise Manor is also an area that is home to a young demographic. In terms of the housing market itself, properties in Sunrise Manor grew by a whopping 16.3% last year, with an expected increase of 9.8% over the next 12 months.
Although the area outgrew the wider Las Vegas housing market, median property prices are just over $51,000 lower in Sunrise Manor. This makes it both an affordable area for low-income and first-time buyers, as well as a noteworthy investment for those looking for appreciation growth.
5 Best Neighborhoods in Las Vegas - The Verdict?
Las Vegas is home to a vast range of neighborhoods to suit most needs. Whether you’re a low-income buyer looking for an affordable property, or a young worker looking for an ever-growing job market, Las Vegas has it all.
Regardless of the specific Las Vegas area that takes your fancy, it is advisable to use the services of a local real estate agent. They’ll be able to use their experience of the local housing market to find you a property that best suits your requirements.
Clever can connect you with a reputable real estate agent based in the Las Vegas area who can guide you through the entire process of buying a property.