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First-time homebuyers struggle with low inventory, high prices in Las Vegas

Zillow report: Most homes for sale are high-end
First-time homebuyers struggle with low inventory, high prices in Las Vegas
Posted at 5:00 AM, Apr 26, 2018
and last updated 2018-04-26 11:54:06-04

First-time homebuyers in Las Vegas have it rough - inventory is down from 23.5 percent from 2017, and only 31.4 percent of the homes on the market are considered entry-level. The other 68.6 percent of homes are considered high-end.

The numbers come from the March Real Estate Market Report from Zillow. According to the report, Las Vegas is almost in last place when it comes to the number of houses on the market compared to 2017. Only San Jose, California was worse, as home shoppers have 26 percent fewer homes to choose from compared to last year. 

The change is especially drastic compared to the rest of the United States. Nationwide, there has been a 9 percent drop in inventory from last year, and the majority of those homes - about 51 percent - are high-end. Only 22 percent are entry-level.

Down payment help for hopeful home buyers in Southern Nevada

Zillow representatives say that the number of homes for sale has been going down since the beginning of 2015. 

Meanwhile, home value appreciation has been on the rise. In the Las Vegas valley, median home values rose 16.9 percent to $260,161. Median rent has also gone up 4.4 percent to $1,302.

Nationwide, the median home value rose 8 percent since March 2017, and in this case, Las Vegas has the second-fastest rising rate in the country. San Jose came in first with a 25 percent increase over the past year to $1,252,424.

According to Zillow, here are the Las Vegas neighborhoods with the fastest rising home values:

Pittman: $226,092 median home value - 31.9 percent growth from 2017
Huntridge: $196,346 median home value - 24.3 percent growth from 2017
Charleston Heights: $192,151 median home value - 21.4 percent growth from 2017
Winchester: $193,283 median home value - 20.4 percent growth from 2017
Downtown East: $136,914 - 20.3 percent growth from 2017