If you’re thinking about moving to Las Vegas, you’d be joining roughly 650,000 others in one of the most diverse and entertaining cities in the world. While most people know Vegas for its nightlife, the valley is much more than what’s advertised and can be the perfect place to raise a family when done properly.
Some of the most popular reasons why people move to Vegas is because of the city’s low cost of living, lack of state income taxes, surplus of entertainment, mild weather (it gets extremely hot, but not humid), strong job market, incredible food, and an abundance of culture – it has the perks of a big city, but charm of a rural area.
They have a quality university in UNLV and have plenty of outdoor activities. Not only that, Las Vegas continues to boom with the addition of major league sports – the Vegas Golden Knights were the first team to make their way into Sin City, but they were followed by the Las Vegas Aces, Las Vegas Raiders, and more.
So, How Much Do Houses Cost in Las Vegas?
While there are plenty of reasons why someone might want to move to Las Vegas or own Las Vegas real estate, there’s one question that trumps everything – how much do houses cost in Vegas? According to Zillow, the median sales price in the Las Vegas area is around $391,954 – which is down roughly 1.6% over the past year (March 2023).
The median days to pending is just 41 days and the sale to list ratio is roughly 0.982 (sale rate of 98%). About 15% of all home sales in Las Vegas were above list price and nearly 64% of all home sales were below the list price – meaning you have a good chance at buying a home for less than what it’s listed at.
Some of the popular neighborhoods in Vegas include Summerlin ($425,000), Lone Mountain ($413,000), Desert Shores ($430,000), and Centennial Hills ($415,000). There are currently 5,000+ homes for sale in the valley – several thousand are bought and sold every month. One of those homes could be yours!
How Much is a Down Payment on Las Vegas, NV Real Estate?
In order to purchase a home in Las Vegas, buyers must be prepared to fork up a down payment – which is the percentage of the Las Vegas home prices that’s due up-front after a home loan is closed. A down payment is usually 20% of the home’s value, but it can be as low as 3% – the average down payment is just 7%.
With the average home in Las Vegas selling for around $390,000 (median sale price), most buyers should expect to have a down payment of around $78,000 when purchasing a home – 20% of the average home value. Down payments of 3% (low-end) are about $12,000, while down payments of 7% (average) are around $23,000.
There are plenty of factors that play a role in the down payment required to buy a home in Las Vegas – such as the type of loan, the cost of the home, your credit score, your income, the term of the loan, the interest rate, and much more. The lower the down payment, the more beneficial it is for the homebuyer.
How Much Are Closing Costs in Las Vegas?
Purchasing a home comes with a number of ‘hidden costs’ that aren’t factored into the home value – more commonly referred to as closing costs. These expenses are often due on the day your deal is closed and are required by both the buyer and seller – though the seller is expected to pay double.
On average, buyers pay anywhere from 2% to 5% of the average Las Vegas housing prices, while the seller pays anywhere from 6% to 10% of the sale price. For a $390,000 home (median sales prices), the closing costs equate to around $8,000 to $20,000 for the buyer and around $23,500 and $40,000 for the seller.
Some of the most typical closing costs for buyers include the application fee, home appraisal, attorney fees, closing fee, courier fee, credit reporting fee, discount points, flood certification fee, homeowner’s insurance, Homeowner’s Association (HOA) fees, loan origination fee, property taxes, and much more.
How Much is a Monthly Payment on a Las Vegas Home?
Most people buying a home aren’t going to have the cash in hand to pay for the house (and all the other expenses that come with it) up front. Instead, potential buyers are going to take out a home loan (usually with a bank) and pay a monthly mortgage over a long period of time – usually 30 or 15 years.
According to Zillow, the average 30-year fixed mortgage rates in Nevada (for those with a 20% down payment) is 6.25% – which is 0.11% lower than a year ago and 0.03% lower than the national average. Likewise, the 15-year fixed mortgage rate is around 5.51% and the 5-year ARM mortgage rate is 5.93%.
With that being said, the average monthly payment for a $390,000 home (median home price) with a 30-year fixed mortgage, a 20% down payment ($78,000), and an interest rate of 6.25% would be around $2,189. If you were to only put forth a 7% down payment, that monthly payment increases to $2,730 – nearly $600 more per month.
We’re Always Buying Homes in Las Vegas
Do you have a home in Las Vegas, NV that you’re ready to sell? Are you having a hard time selling your Las Vegas home? Is your home sitting on the Las Vegas housing market for far too long? Are you ready to speed up the process for selling a home in one of the best housing markets? If you answered yes to any of these questions, talk to Troy Kearns today!
At Sell Your House Fast LV, we believe in a simpler process for getting your home off the market and giving you the cash you need fast. We don’t care what condition your home is in or the reason you’re looking to sell the home – we’ll send you a reasonable, fair, and no-obligation cash offer free of charge.
Give us a call anytime and anywhere at 702-556-4081 or fill out our online contact form to get in touch.
