The Las Vegas housing market has been a topic of much discussion and speculation about home price declines. As we look towards the rest of 2024, potential buyers and sellers are keen to understand the trajectory of housing prices. As of early 2024, the Las Vegas housing market has been favoring sellers due to high demand and limited inventory.
Properties have been selling quickly, with sellers enjoying favorable terms. In February 2024, the market experienced a surge in activity, with single-family homes’ median sales price climbing to $460,000, a significant increase from the previous month.
The luxury segment of the market has also seen substantial activity, with an increase in homes selling for $1 million and above. This indicates a robust demand in the higher-end market as well.
The market remains fiercely competitive, with a delicate balance between supply and demand. The number of single-family houses listed without offers has decreased, highlighting the competitiveness buyers face in securing a property.
With only 1.8 months of inventory available in February, down from the previous year, the housing supply in Southern Nevada continues to tighten. This shortage poses challenges for buyers, who must act swiftly in a market where properties are quickly taken off the market.
Las Vegas Future Market Predictions
Despite the challenges posed by rising interest rates and inflationary pressures, there are positive signs pointing towards a resilient housing market. Mortgage rates have stabilized, and there’s speculation about potential rate cuts later in the year. Increased seller activity and improving market conditions could bode well for the future outlook.
Forecasts suggest that home prices may end the year up by 2.8% and could rise by another 1.5% by the end of 2024. Home sales are also projected to increase, which could make homeownership a good investment.
However, it’s important to note that some forecasts predict a 1 percent drop in home prices but an increase in sales from the previous year, which was the worst on record since 2008.
Top Neighborhoods for Buyers in Las Vegas Real Estate 2024
Las Vegas, known for its dazzling lights and vibrant lifestyle, is also a city with a diverse and dynamic real estate market. Based on recent data and trends, here are some of the top neighborhoods in Las Vegas that stand out for real estate investment.
Summerlin: A Master-Planned Community
Summerlin is one of the most sought-after master-planned communities in Las Vegas. It offers a variety of housing options, from luxury estates to more affordable single-family homes. With over 250 parks, numerous golf courses, and a strong sense of community, Summerlin continues to attract families and professionals alike. The area has seen consistent growth in property values, making it a solid choice for long-term investment.
Henderson: Suburban Living with City Amenities
Henderson, located on the southeastern edge of Las Vegas, combines suburban tranquility with city amenities. It’s known for its excellent schools, parks, and recreational facilities. The area has a high demand for housing, driven by its quality of life and proximity to the Las Vegas Strip. Henderson‘s real estate market has been robust, with a healthy appreciation rate that appeals to investors.
Skye Canyon: The Newcomer with Potential
Skye Canyon is a newer development in the northwest part of Las Vegas. It’s quickly gaining popularity due to its outdoor-focused lifestyle, offering hiking and biking trails, as well as community parks. As a growing neighborhood, Skye Canyon presents an opportunity for investors to get in early and benefit from the area’s development and appreciation.
Boulder City: A Historic Town with Charm
Boulder City, known for its historic charm and proximity to the Hoover Dam, offers a unique investment opportunity. It’s one of the few places in Nevada without gaming, which attracts residents looking for a quieter lifestyle. The real estate market in Boulder City is stable, with a steady demand for homes that retain their value over time.
Lake Las Vegas: Resort-Style Living
Lake Las Vegas is a resort-style community centered around a man-made lake. It offers luxury homes and condominiums with amenities such as golf courses, spas, and dining options. The area caters to those seeking a vacation-like lifestyle and has a mix of primary residences and second homes. The exclusivity and unique setting of Lake Las Vegas make it an attractive niche market for investors.
Southern Highlands: An Upscale Enclave
Southern Highlands is an upscale community located in the southern part of Las Vegas. It features high-end homes, a prestigious golf club, and top-rated schools. The neighborhood is well-maintained and offers a luxurious lifestyle, which keeps the demand for homes high. Southern Highlands is a prime location for investors looking for premium properties with the potential for significant returns.
Las Vegas is a city with a real estate market as diverse as its entertainment options. From the family-friendly atmosphere of Summerlin to the luxury of Southern Highlands, there’s a neighborhood to fit various investment strategies and goals. With careful research and consideration of market trends, investing in Las Vegas can be a fruitful endeavor.
The Las Vegas housing market in 2024 is dynamic and evolving. While current trends suggest a seller’s market with rising prices, the future holds various possibilities influenced by economic factors and market dynamics. As always, working with a knowledgeable real estate professional can provide valuable insights and guidance in making the right investment choices. Happy investing!
LAS VEGAS, Feb. 29, 2024 /PRNewswire/ — The Residential Real Estate Council’s (RRC) Sell-a-bration®, now in its 36th year, promises a transformative experience for hundreds of top-producing real estate agents. From February 29 to March 2, 2024, at Caesar’s Palace, Las Vegas, attendees from 48 US (United States) states, one US territory and 10 countries will gather to:
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Elevate their networks: Forge meaningful connections with Certified Residential Specialists (CRS) Designees, RRC members and other top-producing real estate professionals, expanding their referral base and fostering long-term business relationships.
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Sharpen their expertise: Pre-conference courses led by CRS Certified Instructors, Lee Barrett, and Addie Owens, delve into “Mastering the Evolving Buyers Brokerage Agreements” and “I Do Until, We Must Part the Assets: Navigating Divorcing Customers,” equip agents with valuable strategies for today’s complex market.
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Learn from the best: This year’s Sell-a-bration features an enriching lineup of 28 education sessions spread across two days. These sessions have been meticulously chosen by an advisory panel comprised of CRS Designees and RRC members, ensuring a curriculum that is both relevant and beneficial for attendees.
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Unleash innovative strategies: Gain actionable takeaways from industry leaders and inspiring keynote speakers, including Kyle Scheele, dubbed “the patron saint of crazy ideas” for his unconventional yet impactful approaches. Jeff Henderson will share his journey of overcoming adversity, empowering attendees to achieve their dreams. Crowdsourced Comedy, an improv group, will inject humor and engagement into the learning experience.
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Celebrate achievements: Witness the inaugural CRS Commencement, where over 40 new CRS Designees are recognized for their dedication and accomplishments in the field joining “the best of the best.”
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Connect and unwind: Network with peers, source new business opportunities, and enjoy educational sessions and inspirational content.
“Sell-a-bration offers a unique and comprehensive platform for real estate professionals to thrive,” says Tricia Nekota, 2024 RRC President. “As we stand on the threshold of the 36th Sell-a-bration, I am reminded of the power of community and the incredible achievements we can accomplish when we come together. This event promises unparalleled opportunities for learning and growth, embodying the resilience, innovation, and spirit of excellence that defines our members and our organization.”
The conference includes a Night Out in Las Vegas sponsored by RRC Nevada, providing a fun and social setting to solidify connections and celebrate success.
Sell-a-bration is unrivaled in its distinction, just like the CRS Designation, RRC members, certified instructors, RRC State Networks and Global Partner Networks. Sell-a-bration addresses industry challenges and opportunities. It solidifies RRC and its events as the “go to” for education and networking during challenging times, demonstrating its role in providing pivotal leadership within the broader real estate industry.
Sell-a-bration 2025 will be held at the Omni Nashville, TN, March 17 – 19, 2025.
About the Residential Real Estate Council: The Residential Real Estate Council is the leading education and networking organization for residential real estate agents. It awards the prestigious CRS Designation to experienced residential real estate professionals who have completed advanced professional training and proven outstanding professional achievement in residential real estate.
View original content to download multimedia:https://www.prnewswire.com/news-releases/rrcs-36th-sell-a-bration-uniting-and-advancing-the-best-in-real-estate-302076376.html
SOURCE Residential Real Estate Council
Despite several price cuts and years on the market, Las Vegas casino mogul Steve Wynn is having trouble selling his Beverly Hills and New York City properties.
Sotheby’s International Realty / REUTERS
Las Vegas casino mogul Steve Wynn is having a tough time selling his multimillion-dollar homes across the United States.
Wynn’s New York City pied-à-terre, a lavish Central Park South penthouse spanning nearly 11,000 square feet, for instance, has hit a stumbling block.
Despite a price slash from an initial $90 million to $65 million last year, the casino czar has withdrawn the property from the market.
Notably, this final price was $5 million less than what Wynn paid for the opulent duplex in 2012.
The residence, located on the 30th and 31st floors of the Ritz-Carlton New York, Central Park, boasts three bedrooms, and stunning views of the park and the Manhattan skyline.
Originally aimed to fetch $90 million in 2022, the sale at that price would have set a record as the most expensive ever seen in the building.
The duplex includes a dining room opening to a 28-foot-long terrace, a media room, a library and a wet bar.
Past residents of the building include billionaires Larry Ellison and Sidney Kimmel.
Wynn’s struggles most recently extend to the West Coast, where his expansive Beverly Hills estate faces challenges in the luxury property market.
The 11-bedroom, 16-bathroom mansion at 1210 Benedict Canyon Drive has been on and off the market for a few years.
As of Jan. 17, its price dropped by about 12%, currently listed for $75 million.
Last year, it asked $85 million, significantly down from its initial off-market asking price of $135 million in 2020.
This follows a tough year for LA’s luxury home market, where sellers have been advised to reduce prices.
Wynn’s Beverly Hills estate, situated on 2.7 acres, offers amenities such as a championship tennis court and a resort-style gym.
Despite the hurdles in offloading his New York City and Beverly Hills residences, Wynn successfully sold his Las Vegas mansion for $17.5 million in 2022.
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As the entertainment capital of the world, Las Vegas, has an allure unlike many other cities across the US. Famous for its vibrant nightlife, world-class casinos, and thrilling shows along the Las Vegas Strip, luxury restaurants and shopping – all set along a desert landscape.
However, Las Vegas offers much more than just bright lights and endless entertainment, as the unique neighborhoods of draw residents with their charm. From the Arts District full of art galleries and restaurants to the historic Downtown Las Vegas with its vintage charm and bustling Fremont Street, there’s a neighborhood for everyone in this city. For example, the average rent in Las Vegas is $1,950, while the median sale price is $412,000.
In this Redfin guide, we’ll highlight 12 popular Las Vegas neighborhoods you might want to consider living in this year. So whether you’re looking to buy a home in Las Vegas or rent an apartment in the heart of the hustle and bustle, there’s a neighborhood to fit your preferences. Let’s explore some of the Las Vegas’ neighborhoods and what they have to offer.
1. Arts District
The Arts District is just south of Downtown Las Vegas and is known for its vibrant arts and culture scene. The area is home to numerous art galleries, studios, theaters, and creative spaces, with many independent art galleries and warehouses turned event spaces lining the streets. You can also attend various events and festivals throughout the year that showcase local talent and creativity. The housing types in the Arts District mainly consists of historic homes, converted warehouses, and lofts in styles ranging from Victorian and Craftsman to modern and industrial designs.
Median Sale Price: $415,000
Average Rent 1-Bedroom Apartment: $1,200 | Average Rent 2-Bedroom Apartment: $1,435
Homes for Sale in Arts District | Apartments for Rent in Arts District
2. Angel Park
Angel Park is located in the western part of Las Vegas. It’s known for its beautiful parks and recreational facilities, including the Angel Park Golf Course and Angel Park Trail System. The neighborhood is also home to the Las Vegas Mini Gran Prix Family Fun Center and the Badlands Golf Club. Residents can enjoy the stunning views of the surrounding mountains. Angel Park offers a variety of housing types, including single-family homes and apartments in styles in ranging from contemporary to Mediterranean-inspired designs.
Median Sale Price: $325,000
Average Rent 2-Bedroom Apartment: $1,500
Homes for Sale in Angel Park | Apartments for Rent in Angel Park
3. Centennial Hills
Centennial Hills is located on the northwest side of Las Vegas and offers a suburban atmosphere with beautiful mountain views. The neighborhood is home to Floyd Lamb Park, a popular attraction for outdoor enthusiasts. Centennial Hills is also known for its historic Gilcrease Orchard, where visitors can pick their own fresh produce. The housing types in Centennial Hills include single-family homes, townhomes, and condos in styles like modern to traditional Southwest and Mediterranean.
Median Sale Price: $411,500
Average Rent 1-Bedroom Apartment: $1,502 | Average Rent 2-Bedroom Apartment: $1,707
Homes for Sale in Centennial Hills | Apartments for Rent in Centennial Hills
4. Charleston Heights
Charleston Heights, also called Charleston Preservation, is known for its convenient location near the Las Vegas Strip. This neighborhood offers easy access to major attractions like casinos, entertainment venues, and shopping centers. You can also enjoy outdoor activities at nearby parks, such as Charleston Heights Park and the Las Vegas Springs Preserve. Historically, the area was developed in the 1950s and 1960s, resulting in a mix of architectural styles, including mid-century modern and ranch-style homes.
Median Sale Price: $305,000
Average Rent 1-Bedroom Apartment: $1,350 | Average Rent 2-Bedroom Apartment: $1,370
Homes for Sale in Charleston Heights | Apartments for Rent in Charleston Heights
5. Downtown Las Vegas
Downtown Las Vegas is the heart of the city, easily recognized for its vibrant atmosphere and bustling entertainment scene. From the iconic Las Vegas Strip, themed hotels and casinos, to concert residencies, Michelin Star restaurants, and museums galore, there are countless things to do in the downtown area. Just some of the attractions in the neighborhood include the Fremont Street Experience, with its famous light show and live performances, as well as the Mob Museum, which offers a fascinating glimpse into the history of organized crime in Las Vegas. Housing in Downtown Las Vegas consists mainly of high-rise condominiums and apartments, giving residents a modern and urban living experience.
Median Sale Price: $340,000
Average Rent 1-Bedroom Apartment: $925 | Average Rent 2-Bedroom Apartment: $1,150
Homes for Sale in Downtown Las Vegas | Apartments for Rent in Downtown Las Vegas
6. Downtown South
Downtown South, also called Huntridge, is a neighborhood located in Las Vegas. It’s centrally located south of downtown, easy enough to explore all the attractions along the Las Vegas Strip and in the downtown area. The neighborhood is also home to several parks and historic places, providing residents with ample recreational opportunities and a glimpse into the city’s past. The housing types in Downtown South vary, with a mix of single-family homes, apartments, and townhouses. The architectural styles range from modern designs to classic mid-century buildings, giving the neighborhood an eclectic feel.
Median Sale Price: $372,000
Average Rent 1-Bedroom Apartment: $950 | Average Rent 2-Bedroom Apartment: $1,250
Homes for Sale in Downtown South | Apartments for Rent in Downtown South
7. Kyle Canyon
Located in the far northern part of Las Vegas, Kyle Canyon is a serene neighborhood nestled in the scenic Spring Mountains. The neighborhood is known for its beautiful hiking trails and scenery like Tule Springs Fossil Beds National Monument. Kyle Canyon offers a variety of housing types, including single-family homes and cabins with charming architectural styles that blend seamlessly with the natural surroundings.
Median Sale Price: $510,215
Homes for Sale in Kyle Canyon | Apartments for Rent in Kyle Canyon
8. Peccole Ranch
Peccole Ranch is located in west of the Angel Park neighborhood. You’ll find that Peccole Ranch is conveniently near popular attractions such as Red Rock Canyon National Conservation Area and the Las Vegas Strip. You can also enjoy local parks and outdoor spaces, including Peccole Ranch Park. When it comes to housing available in Peccole Ranch, you’ll find single-family homes, townhouses, and condos.
Median Sale Price: $491,400
Average Rent 1-Bedroom Apartment: $1,475 | Average Rent 2-Bedroom Apartment: $1,599
Homes for Sale in Peccole Ranch | Apartments for Rent in Peccole Ranch
9. Rancho Oakey
Southwest of downtown is the neighborhood of Rancho Oakey. Just blocks away from the Las Vegas Strip and downtown area, there are plenty of things to do in and around this neighborhood. For example, you can head to Springs Preserve where you’ll find the Nevada State Museum, Las Vegas, and a butterfly habitat. Rancho Oakey offers a variety of housing types, including single-family homes, townhomes, and apartments in styles like mid-century modern to contemporary designs.
Median Sale Price: $534,000
Average Rent 1-Bedroom Apartment: $1,322 | Average Rent 2-Bedroom Apartment: $1,465
Homes for Sale in Rancho Oakey | Apartments for Rent in Rancho Oakey
10. Skye Canyon
Skye Canyon, a planned community, is located in the northwest Las Vegas Valley, offering residents beautiful views of the nearby mountains. This charming neighborhood features several parks and outdoor recreational areas, including Skye Canyon Park and Eagle Canyon Park. The community is also home to the Skye Canyon Trail System, which provides residents with miles of walking, hiking, and biking trails. With a variety of architectural styles, Skye Canyon offers a range of housing options to suit different preferences. From modern ranch-style homes to elegant Mediterranean-style villas, there is something for everyone in this neighborhood.
Median Sale Price: $535,000
Average Rent 2-Bedroom Apartment: $2,703
Homes for Sale in Skye Canyon | Apartments for Rent in Skye Canyon
11. Twin Lakes
Known for its beautiful lakes and scenic views, Twin Lakes is another great neighborhood to consider living in Las Vegas. Major attractions in the area include the Twin Lakes Park and the nearby Las Vegas Strip. The neighborhood also offers easy access to various parks and recreational areas. When it comes to housing Twin Lakes includes a mix of single-family homes, townhouses, and apartments in styles from contemporary to traditional.
Median Sale Price: $320,000
Average Rent 2-Bedroom Apartment: $1,200
Homes for Sale in Twin Lakes | Apartments for Rent in Twin Lakes
12. West Las Vegas
West Las Vegas is located on the western edge of the city, and is home to various parks, local restaurants, and shops. In West Las Vegas, you’ll see a variety of housing types and architectural styles, including single-family homes, townhouses, and apartment complexes.
Median Sale Price: $303,068
Average Rent 1-Bedroom Apartment: $1,378 | Average Rent 2-Bedroom Apartment: $950
Homes for Sale in West Las Vegas | Apartments for Rent in West Las Vegas
Methodology: All neighborhoods must be listed as a “neighborhood” on Redfin.com. Median home sale price data from the Redfin Data Center during September 2023. Average rental data from Rent.com during September 2023.
Nearly 675,000 people call the desert paradise of Las Vegas, Nevada home. With the Las Vegas Strip, countless casinos, and nightlife, as well as stunning natural beauty, it is no wonder the city is so popular.
However, buying a home or renting an apartment in Las Vegas may not be the right fit for you. Thankfully, there are many cities nearby that may meet your budget and needs, and keep you within commuting distance.
Redfin has rounded up a list of 4 cities near Las Vegas to consider buying or renting in this year. Keep reading to learn more. Who knows – you might just decide to call one of them home.
#1: Sunrise Manor, NV
Miles from Las Vegas: 7
Population: 198,000
Median home sale price: $360,000
Walk Score: 36
Bike Score: 39
Transit Score: 48
Sunrise Manor is located on the eastern edge of the Las Vegas Valley. Situated just seven miles from Downtown Las Vegas, Sunrise Manor is set in a beautiful desert landscape with a great view of Frenchman Mountain.
This welcoming community is a popular choice for residents because of its affordable housing, great public schools, and amenities like the Sunrise Vista Golf Course and Shadow Rock Park. Although it is a quieter area than Las Vegas, it is just a hop, skip, and jump away from the city’s excitement and the infamous Strip.
Homes for sale in Sunrise Manor, NV
Apartments for rent in Sunrise Manor, NV
#2: Spring Valley, NV
Miles from Las Vegas: 10
Population: 219,000
Median home sale price: $420,000
Average 1-bed rent: $2,105
Walk Score: 44
Bike Score: 38
Transit Score: 43
If you’re looking for a place to live in the Las Vegas Valley that affords you many opportunities to have fun and enjoy the outdoors, you should consider Spring Valley. You’ll be able to practice your golf swing at Spanish Trail Country Club, make a splash at Wet ‘n’ Wild Las Vegas, perform an ollie at Desert Breeze Skate Park, skate at the Las Vegas Ice Center, and score deals at Rainbow Springs Shopping Center. Plus, if you love hiking and scenic views, you’ll be happy to know that the Red Rock Canyon National Conservation Area is nearby.
Lastly, Spring Valley is very convenient to the 215 and I-15 and McCarran International Airport, so commuting and traveling are a breeze.
Homes for sale in Spring Valley, NV
Apartments for rent in Spring Valley, NV
#3: Enterprise, NV
Miles from Las Vegas: 15
Population: 215,000
Median home sale price: $510,000
Average 1-bed rent: $1,641
Walk Score: 25
Transit Score: 36
The city of Enterprise is a beautiful desert community located southwest of the busy city of Las Vegas.
This city is perfect for those who love outdoor recreation and exploration. Red Rock Canyon, with its famous red rocks, is great for hiking, rock climbing, and scenic drives. Also, Sloan Canyon, which is east of Enterprise, has historic Native American petroglyphs, scenic hiking trails, and active wildlife.
Homes for sale in Enterprise, NV
Apartments for rent in Enterprise, NV
#4: Henderson, NV
Miles from Las Vegas: 16
Population: 310,000
Median home sale price: $488,000
Average 1-bed rent: $1,724
Walk Score: 30
Bike Score: 25
Transit Score: 44
Henderson is the second largest city in Nevada and Las Vegas. The city was developed in the 1940s as a master-planned community and was named after U.S. Senator John P. Henderson.
Henderson residents have easy access to many natural areas to explore. The River Mountains Loop Trail is a scenic 34-mile-long nature trail with great views of wildlife and the Mojave Desert. The Green Valley Ranch and Sunset Hotel & Casino are just two of the casinos in Henderson. The Bird Viewing Preserve and Water Reclamation Facility is also a great place to see thousands of migratory waterfowl and resident desert birds.
Homes for sale in Henderson, NV
Apartments for rent in Henderson, NV
Methodology: All cities must have a population of more than 50,000 and be less than 50 miles away from Las Vegas. Median home sale price data from the Redfin Data Center during August 2022. Average rental data from Rent.com during August 2022. Walk Score, Bike Score, and Transit Score from Walkscore.com during August 2022. Population data sourced from the United States Census Bureau.