Is Buying a Property in Las Vegas a Good Investment? (2024)

FAQs

Is Buying a Property in Las Vegas a Good Investment? ›

Las Vegas offers promising investment potential for residential properties. According to sources like BiggerPockets, rental yields in Las Vegas can range between 6% and 10%, making it a competitive market for rental income.

Las Vegas Housing Market Trends

What is the housing market like in Las Vegas today? In August 2024, Las Vegas home prices were up 3.3% compared to last year, selling for a median price of $434K. On average, homes in Las Vegas sell after 39 days on the market compared to 33 days last year.

Tax Advantages

Nevada boasts a tax-friendly environment for investors. With no state income tax and comparatively low property taxes, investors can maximize their returns. This tax structure is particularly attractive to out-of-state investors looking for a property market with a favorable financial landscape.

Las Vegas is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Study Exposes Top 100 Most Overpriced Housing Markets: Detroit, Atlanta, And Las Vegas Lead The List.

Las Vegas offers promising investment potential for residential properties. According to sources like BiggerPockets, rental yields in Las Vegas can range between 6% and 10%, making it a competitive market for rental income. Rental yields can be attractive, particularly for short-term rentals catering to tourists.

Spring is widely regarded as the prime selling season in Las Vegas. The pleasant weather and numerous events draw potential buyers to the city, increasing demand for housing. The months of March through June see increased foot traffic at open houses and higher buyer interest.

Las Vegas, NV housing market

In July 2024, the median listing home price in Las Vegas, NV was $465K, trending up 5.9% year-over-year. The median listing home price per square foot was $268. The median home sold price was $457.5K.

But it has remained steady even as its labor force has grown by more than 7% since early 2022, about twice the national pace, with the local economy not only adding jobs but diversifying in the process, said David Schmidt, chief economist with the Nevada Department of Employment, Training and Rehabilitation.

Rents began dropping across the state during the second half of 2022. From August 2022 to July 2023, rents dropped around 8.5 percent in Las Vegas and 3.6 percent in Reno, while rents nationally dropped 1 percent in the calendar year 2023.

Is Las Vegas headed for a recession? ›

Recession fears are on the rise in the U.S., but local economic analysts say Las Vegas residents shouldn't be ringing any alarm bells just yet.

Housing prices peaked in early 2006 (June 2006 for Las Vegas) and then started to decline (biggest price drop reported on Dec. 20, 2008), reaching new lows in 2012. The credit crisis resulting from the bursting of the housing bubble was one of the main causes of the 2007-2009 recession in the U.S.

Due to the low amount of restrictions regarding rent control policies, rent increases, and fees, Nevada is generally considered a landlord-friendly state.

The Nevada housing market is somewhat competitive. The median home sales price in July 2024 has increased in the past 3 months to $466,900. That's up 5.7% and $25,300 higher than July 2023 of last year.

Las Vegas has been the 7th fastest-growing metro in the country for over the past three years. The city offers good jobs, an entertaining lifestyle, and a booming housing market, attracting more people and businesses. The Las Vegas population in 2024 is nearly 3 million.

Las Vegas's housing expenses are 6% higher than the national average and the utility prices are 9% higher than the national average. Transportation expenses like bus fares and gas prices are 12% higher than the national average. Las Vegas has grocery prices that are 5% higher than the national average.

Eight months into the year, rents in Las Vegas have risen 1.9%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to August 2023 rents had increased 0.9%.