Las Vegas Real Estate Market Forecast 2023: What You Need to Know

When asked about Las Vegas, most people would immediately associate it with the Strip. This city is distinctively different from other American cities, drawing tourists from around the world to indulge in gambling, dining, and relaxation. However, there is more to Las Vegas than just casinos, buffets, pool parties, and shows. The residents of Las Vegas also enjoy peaceful suburbs, outdoor activities, abundant sunshine, and the absence of state income tax. Furthermore, the Las Vegas real estate market forecast in 2023 is becoming more balanced, attracting newcomers from major cities such as Los Angeles, San Francisco, D.C., and Seattle.

Las Vegas housing market forecast

In December 2022, Las Vegas’s housing market experienced a decrease of 1.3% in home prices, and the days on the market increased from 24 to 48 days. Although the market is somewhat competitive, most homes sell for 3% below the list price after several months on the market, with some receiving multiple offers. Given the numerous options available to buyers, real estate agents must utilize online tools such as professional photography and 3D tours to make their listings stand out. These enhancements are especially crucial as the Las Vegas housing market continues to neutralize.

Las Vegas homes for sale

During December of 2022, there was a significant decrease in the number of homes sold in the Las Vegas region, reaching 60.9% less than the previous year. This decline coincides with the continuous increase in home values, with the median price for sold homes in Southern Nevada now standing at $430,900. Las Vegas currently has more than 3,100 homes available for purchase, with the majority of them being single-family homes that are not attached.

Average rent in Las Vegas

Nearly half of the residents in the real estate market are renters, which makes the market attractive for investors. The average rent for a one-bedroom apartment in Las Vegas is $1,305, with prices varying according to location. The average rent for a two-bedroom apartment has increased by 4% to $1,556, while a three to four-bedroom apartment can cost between $1,970 to $2,400. The Nevada State Apartment Association predicts that rental prices will stabilize this year as the rates increase at a slower pace.

Affordable neighborhoods for rentals include:

• Beverly Green
• Crestwood
• Francisco Park
• Hillside Heights
• Huntridge Park
• John S. Park

The most expensive neighborhoods for rentals are:

• Mountain Trails
• Sun City
• The Hills
• Red Rock
• The Canyons

Las Vegas neighborhoods

The neighborhoods in Las Vegas are incredibly diverse; residents have plenty of options, from the wild nightlife on the Strip to the more laid-back suburban oasis.

Here are the most popular Las Vegas neighborhoods:

• North Las Vegas
• Lake Las Vegas
• Arts District
• Summerlin
• Paradise
• Enterprise
• Mount Charleston

Whether a potential buyer wants a bustling city life or a pocket of outdoor recreation, a neighborhood in Las Vegas suits their needs.

Las Vegas economy

At present, Nevada has the highest rate of unemployment among all states in the United States. As of December 2022, the unemployment rate in Nevada and Las Vegas was recorded to be 5.2% and 5.5%, respectively. Although the employment rate in Las Vegas has slightly declined since November 2022, there has been a 4.3% increase in jobs since December 2021. While the hospitality and tourism industry are the driving forces behind Las Vegas’s economy, other notable sectors include healthcare, retail, and technology. Construction and mining are also vital components of the city’s growing economy, with the government being the largest employer. The absence of state income tax and a diverse job market in Las Vegas make it an attractive destination for job seekers across the country.

Need real estate pictures in Las Vegas?

In Las Vegas, using professional real estate photography in property listings can result in quicker sales and higher profits compared to other competitors. Havah offers real estate agents in the Las Vegas region the opportunity to team up for superior listing images and other impressive improvements. You can easily book a Havah photoshoot, 3D tour, or aerial photography anytime with online ordering available 24/7. Are you ready to enhance your property listings and expand your potential client base? Book a shoot with Havah today.