Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 646,790, 236,410 total housing units (homes and apartments), and a median house value of $394,559, Las Vegas real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Las Vegas, accounting for 62.03% of the city's housing units. Other types of housing that are prevalent in Las Vegas include large apartment complexes or high rise apartments ( 23.07%), duplexes, homes converted to apartments or other small apartment buildings ( 8.79%), and a few row houses and other attached homes ( 4.74%).
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 53.06% owning and 46.94% 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 2000 and later ( 29.15%). A lesser amount of the housing stock also hails from between 1940-1969 ( 12.84%).
In the last 10 years, Las Vegas has experienced some of the highest home appreciation rates of any community in the nation. Las Vegas real estate appreciated 217.87% over the last ten years, which is an average annual home appreciation rate of 12.26%, putting Las Vegas in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Las Vegas definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
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 0.18%, 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 -4.46%, which equates to an annual appreciation rate of -16.70%.
Notably, Las Vegas's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Nevada, our data show that Las Vegas's latest annual appreciation rate is lower than 60% of the other cities and towns in Nevada.
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.
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