LAS VEGAS (KTNV) — Longer commutes in exchange for cheaper home
It's no secret housing prices are rising in Las Vegas, but first-time home buyers can still get a bargain near the valley.
Those looking for their first home are turning to rural areas like Indian Springs, where multiple homes are currently being built, because affordability is getting tougher.
The Greater Las Vegas Association of Realtors (GLVAR) has seen the median single-family home price range gone from $245,000 to $300,000. Since 2007 homes in Las Vegas have not reached that median average.
According to GLVAR, houses in Pahrump are selling for about $250,000. That's about $50,000 less than the average price of a home in Las Vegas and neighboring cities.
Chris Bishop, the president of GLVAR says many factors are causing prices to increase.
“We have a massive demand for product. We have a lot of people relocating from California. We have a lot of people here for our tax structure, there's a huge job market, growth in Southern Nevada. There's a lot going on,” said Bishop.
The real estate data website, Zillow states millennials in particular are willing to make longer commutes in exchange for cheaper homes.