Thinking about purchasing a house in Las Vegas? Whether you're looking for a move-in ready home or hoping to find a great deal, it's important to know how the time of year can affect your home search.
In recent years, listing prices for homes in Nevada have been lowest in May — with homes an average of $17,518 less expensive than the annual average. In January, prices spiked to $17,788 more than the annual average.
Mortgage rates, on the other hand, were lowest in December. But with interest rates currently on the rise, it pays to explore your options with a trusted mortgage provider to make sure you get the best rate possible.
The best time to buy a house in Las Vegas comes down to your priorities and situation. Read on to discover what time of year to start your home search!
Best month for
2.9% lower than average
11.0% more homes to choose from
2.78% interest for 30-year mortgage
Realtor.com data (10/1/2020)
Bankrate data (12/1/2020)
If you're interested in buying a home, the first step is to find a realtor who knows the local market. Economic conditions in Las Vegas change rapidly, and a professional realtor can guide you toward the best times and places to buy.
A free service like Clever Real Estate will match you with top agents from trusted brands like RE/MAX and Keller Williams. Interview as many agents as you'd like until you find the perfect fit, or walk away at any time with no obligation. Add your zip code below to request hand-picked agent matches today!
When is the best time of year to buy in Las Vegas?
The best season or month to buy your Las Vegas home depends on whether you're looking for the best price or the widest selection of homes. In Nevada, if you want to get the best deal on your new home, aim to buy in January. If you want the most options to choose from, aim for September.
Throughout most of the country, spring sees the highest median sales prices. However, due to Nevada's sweltering summers, the Silver State's peak real estate season comes in the fall when temperatures are a bit milder and more amenable to house hunting.
Sellers who list their homes during the slower months usually do so out of financial desperation — hence the lower prices. They need to sell their homes fast and can't wait until the months when prices are historically higher, which means more deals for buyers. However, since most sellers want to profit from their sale, most wait until the peak months to sell, leading to higher prices but greater inventory.
Here are the median sale prices by season in Nevada:
|Season||Median sale price|
Here are the median sale prices in Nevada by month:
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Home prices experience a sharp drop-off during the winter but stay fairly stable once May rolls around. If you want to get the best deal on your new home, plan to buy after December and before April. Your realtor can offer more in-depth guidance on timing the market.
It's important to remember that price trends can vary within a city, and there may be differences within specific neighborhoods. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in Las Vegas.
What are the best places to buy a house in Las Vegas?
Las Vegas is far more than the Strip and its (in)famous nightlife and casinos. It’s a modern-day metropolis with culture, sports, and many social opportunities. Here are a few of the best places to live in Sin City:
Henderson isn't technically part of Las Vegas, but it's so close it may as well be. The city has seen an uptick in popularity the past few years. Located just 17 miles outside of Las Vegas proper, Henderson allows residents to experience the excitement of Sin City while having a quiet retreat just over the border. Henderson has a strong job market, and the median income has been increasing.
The median home value in Henderson has been on the up and up the past year, but it’s cooling down like the rest of the Vegas metro area. In 2018, the median home value increased 5% to reach its current $327,000, but home valuations stayed relatively stable throughout 2019, only increasing by about 0.3%.
Henderson at a glance:
Median home value: $327,000
Expected one-year growth: 0.3%
Standout feature: Quieter city near Las Vegas
Green Valley North
Green Valley North is a neighborhood in Henderson known for its plentiful parks and above-average school system. The population is 19,914, and the median home value is $303,600. Most residents are politically conservative.
All in all, Green Valley North is an excellent place to live for those seeking a suburban lifestyle near a large cultural hub.
Green Valley North at a glance:
Median home value: $303,600
Expected one-year growth: 0.0%
Standout features: Public parks and school system
Summerlin South offers the same suburban feel of Henderson right in Las Vegas proper. The neighborhood, home to both young professionals and retirees, attracts people from all walks of life. The median home value is $428,000.
Residents appreciate Summerlin South’s cozy coffee shops and proximity to downtown Las Vegas. The area is a great place to raise a family thanks to its schools and public parks.
Summerlin South at a glance:
Median home value: $428,000
Expected one-year growth: –0.6%
Standout features: Parks, schools, and proximity to Vegas nightlife
If you're a young professional looking for a place with bars, restaurants, and nightlife, The Lakes deserves your attention. Situated to the west of the Strip and east of Summerlin, the area has been ranked as one of the best Las Vegas neighborhoods to live in due to its fantastic nightlife.
The Lakes is not particularly well-suited to families, since schools in the area aren’t necessarily impressive. The median home value is $330,700, and many residents are politically moderate.
The Lakes at a glance:
Median home value: $330,700
Expected one-year growth: –1.6%
Standout feature: Proximity to the Strip
Paradise Hills is a neighborhood in Henderson that offers families an ideal place to settle down. With a quiet suburban feel and lots of greenery, Paradise Hills is truly a slice of, well, paradise.
The neighborhood also offers above-average public schools, great weather, and lots of parks. The median home value is $361,000.
Paradise Hills at a glance:
Median home value: $361,000
Expected one-year growth: 2.1%
Standout features: Suburban feel, good schools, lots of parks
Four ways to get a great deal on a home in Las Vegas
When you’re ready to buy a house in Las Vegas, keep these four tips in mind to get a good deal:
1. Find a great Las Vegas real estate agent
Partnering with an experienced local realtor is one of the most important steps in the home buying process. Your realtor will help you time the market, find and visit suitable properties, negotiate a great deal, and navigate the complex closing paperwork. For anyone who isn't a seasoned real estate professional, working with a real estate agent is absolutely necessary if you want to get a great deal on your new home.
2. Determine what you need and want in a house
When looking for a new home, figure out what you need versus what you want. Assess your financial situation, and discuss your budget with a financial advisor. Your real estate agent can help you prioritize your needs and find properties that fit your budget.
3. Find a lender and secure financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Las Vegas, interest rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate could save you tens of thousands of dollars over the life of your loan.
For example, in Nevada a typical house is worth $320,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $1,142. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $1,079.
4. Negotiate the best possible price
Your real estate agent will be a major help during negotiations. After the inspection, your realtor will use their knowledge of the market and the seller’s situation to get you the best possible deal on your home.
If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.
Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.
Top FAQs about buying a home in Las Vegas
What credit score is needed to buy a house in Las Vegas?
A credit score of 580 is usually the minimum to buy a house in Las Vegas. An FHA loan generally requires a credit score of 580. Most other loans require a score of 620 and above. VA loans require a minimum of 620, and USDA loans require a minimum of 640.
What is the average price of a house in Las Vegas?
Eligible Clever buyers get cash back after closing.
Are housing prices going up in Las Vegas?
According to Zillow, the median home value in Las Vegas is expected to increase by 0.9% in 2019. However, there are many parts of Las Vegas and the surrounding area that are predicted to decrease in value. Values in The Lakes and Summerlin South, for example, are expected to depreciate by 1.6% and 0.6% respectively, and Green Valley North is projected to stay at exactly the same price.
How much does it cost to live in Las Vegas?
For a mortgage, if you’re purchasing a home at the city's median home value with a 10% down payment and a credit score between 680 and 699, you can expect to pay around $1,200 each month.
Outside of a mortgage, how much it costs to live in Las Vegas is entirely dependent on your lifestyle and spending habits. However, Las Vegas is a fairly affordable city, with the average cost of living sitting at just 3% more than the U.S. national average. Utilities in the city are 10% below the national average, transportation is 14% above the national average, and food is 4% above the national average.