LAS VEGAS – Housing prices continue to rise in the Las Vegas valley, so right now, the median home price is around $289,000. That price is up 3.2 percent from the previous month.
A split-level home in the southwest valley is a good example of the typical home available around the median house price of $289,000.
“It has a formal living, formal dining, a beautiful kitchen; there’s two bedrooms on this level,” said James Foster, a fine home specialist with The Ivansher Group. “What you’ll see in this price range: Typically smaller lots, right, around 1,500-2,000 square feet. They’re typically three bedrooms, two bathrooms, 2-car garage.”
Las Vegas joins Seattle and the San Francisco Bay Area as the hottest real estate markets, based on a number of factors.
Here are some of the median home prices around the west:
Reno is at $400,000
Phoenix and Fresno are at $255,000.
Bay Area is at $750,000.
For three-quarters of a million dollars, the home comes with extra security.
“It sits behind a guarded gate, and it sits inside of a country club,” said Foster.
You can get a lot of house in Las Vegas. For example, a 3,600 square foot, three bedrooms, three bathroom home with a pool and outdoor kitchen on a quarter-acre lot in Canyon Gate Country Club would be in the three-quarters of a million price range.
“It’s a little bit traditional, Foster said. “It has about 20 years of age on it; that doesn’t change that it’s not a great neighborhood. It’s still one of the most sought-after neighborhoods in the valley.”
So, what will that $750,000 get you elsewhere?
In a premier Salt Lake City neighborhood it gets you a five bedroom, three-bath updated mid-century modern home. In Fresno, it gets you a single story, four bedroom, three and a half bath home that’s 3,400 square feet.
A typical San Francisco home at the median price gets you a modest 1,500 square foot home built in the 1950’s.
In the Bay Area, a big contributor to the jump in prices is the lack of inventory.
The Greater Las Vegas Association of Realtors says coming into the month of May there are only about 3,800 single-family homes listed for sale without any offers.
That’s down 25 percent from last year which comes out to about a one-and-a-half month supply of homes.
A balanced market has a 6-month supply.
The GLVAR doesn’t see any signs of the market slowing down anytime soon.