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Las Vegas real estate market overview
- Average Monthly Rent: $1,460
- Home Price/Value Percentage Change: -1.60%
- Median Home Value: $391,954
- Best Time To Sell a Home: April
- Affordability Index: Moderate
- Days To Sell a House: 62
- Job Market: Fair
- Public School Ranking: 39
Location and weather
Las Vegas famously known for its casinos and shows is in southeastern Nevada. It's desert country with dry flat land and is not far from the famous Hoover Dam and Grand Canyon.
Because it is in the desert, the average daily high temperature is over 95 degrees with evening lows in the 80's during June through September. November to February is the cool season with high temperatures in the mid 60's and lows in the high 30's.
Population, job market and cost of living
With a 2023 population of 659,348 and annual growth rate of 0.89%, Las Vegas has a steady growth as the city continues to reinvent itself and expand its tourism industry.
The job market has decreased by -13.17% over last year. The ten-year predicted job growth is 39.02%. Contributing to the growth in Las Vegas is the Accommodations & Food Services, Retail Trade and Health Care & Social Assistance. The largest employers are MGM Resorts International, Las Vegas Sands, Caesars Entertainment, Cox Holding and Johnson Electric.
The cost of living is high due to the cost of Las Vegas real estate. With many jobs and a thriving tourism industry combined with a warm climate and year-round outdoor activities, Las Vegas will continue to attract those who want the excitement and job security of a casino city.
Las Vegas real estate market details
- Lone Mountain
- Desert Shores
- North Cheyenne
- Tule Springs
- Sun City Summerlin
The average monthly rent in Las Vegas is $1,460 for an average apartment size of 894 sq. feet.
There has been an -1.6% decrease in median home value over the last year. As of 2023, the median home value is $391,954.
On average, homes in Las Vegas sell after 62 days on the market.
The best time to sell a home for the highest valued sale is during April. For the quickest sale, homeowners should sell in May.
The affordability index in Las Vegas is 111. This number indicates moderate affordability in this city.
The top ranked public schools are College of SO NV High School West, Advance Technologies Academy High School, West Career & Technical Academy High School, Vassiliadis Billy & Rosemary Elementary School and Coral Academy Tamarus. This information is based on data measuring academic performance and equity.
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