Las Vegas Homes - What You Get For $300,000
Posted by John Novak on March 6, 2007
In a March 4, 2007 story in the Las Vegas Review-Journal the Greater Las Vegas Association of REALTORS® reported that the median price for a single-family home in Las Vegas was $302,000 in January - more than double the 2002 median price of $145,000.
With over 16,000 homes available in the Las Vegas valley (which includes Las Vegas, Henderson and North Las Vegas) it’s definitely a buyer’s market. Nearly 3,500 of those homes are priced from $275,000 - $325.000. But what exactly do buyers get for their money? Here’s a sampling based on various home criteria:
There are 149 resale homes that match these specs. About a quarter of them are in the north and northeast part of the valley, close to Nellis Air Force Base. Las Vegas is a relatively new community, with an active homebuilding industry, so it’s easy to find ‘near new’ homes. The downside is that lot sizes can be tiny - in this case as small as 1,742 square feet! Need more space? Only ten homes in this category have lots over 6,000 square feet.
At this size there are 290 to choose from, with more than half in the north and northeast. The added square footage is usually a family room or great room rather than a formal dining room. Lots are small, with more than half under 3,500 square feet and only 38 greater than 6,000 sqare feet. Thinking about a pool to beat the summer heat? Sorry, none of these homes have one!
Only 53 homes fall in this range, most of them on the north side of the valley. All are 2-story homes except three - which are 3-story, a new floorplan for our area. Just four have lots greater than 6,000 square feet, reinforcing the theme that land is at a premium in Las Vegas.
If you’re willing to look at slightly older homes, you have 123 to pick from, with two thirds built in the 80’s and 90’s. Some may show a little more wear and tear, and kitchens and bathrooms may seem dated … but outdoors you have mature landscaping, room to roam, and 37 have pools!
Like homes with larger lots, you can find pools in the $275,000 - $325,000 range if you’re willing to live in an older home. Out of 242 homes with pools, 189 are at least ten years old. A thorough inspection is critical when buying an older pool home. The desert heat can wreak havoc on a poorly maintained pool, and repairs can be expensive. Still, there can be good values if you do your homework.
For the next 3-6 months, buyers in Las Vegas will have plenty to choose from. To avoid being overwhelmed by the inventory, make a list of your ‘must haves’ and work with a REALTOR® to guide you through the homebuying process.
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