Local News


Price of buying, renting in Las Vegas going up

Posted at 9:56 AM, Mar 22, 2018

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
-Charleston Heights
-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


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.