Local News

Actions

Price of buying, renting in Las Vegas going up

Posted: 9:56 AM, Mar 22, 2018
Updated: 2018-03-22 14:04:57-04

It's getting tougher to find an affordable home to buy or rent in Las Vegas.

That means it's a seller's market right now. Overall the news is glum if you're looking for a home. The latest from Zillow shows the median price of a home in Las Vegas grew, while the number of homes on the market dropped.

The top five neighborhoods in the metro area with the fastest growing home prices:
-Downtown East
-Huntridge
-Charleston Heights
-Winchester
-Rancho Charleston

To deal with rising home prices it looks like people are renting longer to save for a down payment.

Zillow says that's pushing up rent prices.

You're seeing the cost increase the fastest in:
-The cultural corridor, which is the area near North Las Vegas Boulevard and East Washington Avenue, the median rent comes in at $1,096
-East Las Vegas at $1,078
-West Las Vegas at $1,094
-Downtown east at $994
-Sunrise at $1,106

HERE'S WHY SINGLE-STORY HOMES COST MORE IN LAS VEGAS

For some perspective, southern Nevadans have it good compared to their neighbors in California. San Diego, Los Angeles, and San Francisco all have median home prices above half a million dollars. Las Vegas is sitting around a quarter of a million dollars.