Las Vegas, NM Housing Market Trends
With 12,905 people, 5,919 houses or apartments, and a median cost of homes of $146,528, house prices in Las Vegas are solidly below the national average.
Single-family detached homes are the single most common housing type in Las Vegas, accounting for 56.27% of the city's housing units. Other types of housing that are prevalent in Las Vegas include mobile homes or trailers ( 18.27%), duplexes, homes converted to apartments or other small apartment buildings ( 11.72%), and a few large apartment complexes or high rise apartments ( 10.15%).
The most prevalent building size and type in Las Vegas are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.89% owning and 44.11% renting.
There is a lot of housing in Las Vegas built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Las Vegas built between 1940-1969 ( 30.20%). A lesser amount of the housing stock also hails from before 1939 ( 23.08%). There's also some housing in Las Vegas built between 2000 and later ( 8.08%).
Vacant housing appears to be an issue in Las Vegas. Fully 16.13% of the housing stock is classified as vacant. Left unchecked, vacant Las Vegas homes and apartments can be a drag on the real estate market, holding Las Vegas real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Las Vegas Home Appreciation Rates
Some of the lowest real estate appreciation rates in America over the last ten years have been in Las Vegas, where house values have increased just 54.42%, which is annualized rate of 4.44%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Las Vegas appreciation rates have trailed the rest of the nation. In the last twelve months, Las Vegas's appreciation rate has been 6.81%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Las Vegas were at 0.71%, which equates to an annual appreciation rate of 2.85%.
Relative to New Mexico, our data show that Las Vegas's latest annual appreciation rate is higher than 60% of the other cities and towns in New Mexico.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Las Vegas differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Las Vegas - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Las Vegas real estate investment or home purchase decisions.
Median Home Value
$146,528
Low
for New mexico
Very Low
for nation
Number of Homes And Apartments:
5,919
NM
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$1,171 / per month