Las Vegas Real Estate & Home Prices

Architecture and home styles in Las Vegas

Las Vegas is a relatively young city and the architecture reflects its age. Founded in 1905, the city really started booming in the 1930s with the building of the nearby Hoover Dam. The project brought lots of single young men to the area who were hoping to land jobs building the dam. Local entrepreneurs (and a few mafiosos) saw an opportunity and started building casinos and theaters featuring showgirls to cater to Las Vegas’s new residents. 

The city has always borrowed architectural elements from around the world. There were replicas of famous international buildings and monuments, like the Eiffel Tower and the Trevi Fountain. And of course, neon. Lots and lots of neon. More recently, big-name architects have put their stamp on the city, like Frank Gehry’s wild design for the Cleveland Clinic Lou Ruvo Center for Brain Health (it’s in Las Vegas, not Cleveland), and Daniel Liebskind’s 500,000-square-foot shopping and entertainment center, Crystals at the MGM Mirage CityCenter. 

While the Las Vegas Strip is over-the-top, fear not — if you’re looking for a home in Las Vegas, you won’t be living inside a dazzling neon casino. In fact, many of the city’s popular home styles are decidedly reserved (when compared to the bright lights of the Strip). Single-story ranches are common. You’ll also find Spanish style homes with stucco walls and low-pitched tile roofs, as well as more elaborate Tudor and Mediterranean style homes. If you’re looking at luxury listings, you may come across Pueblo style houses, inspired by Native American homes with elegant smooth walls made of stucco or adobe and distinctive flat roofs. 

Whatever style catches your eye, you’re likely to find that most Las Vegas homes have features that make outdoor living comfortable. Realm analyzed data that showed nearly 12,000 homes had patios and more than 10,000 had pools. So if you’re looking to soak up some sun, Las Vegas is the right place for you. 

Tips if you want to own a home in Las Vegas

Since Las Vegas is a younger city, many of the homes here are newer builds. In fact, Realm dug through the data and discovered that most homes in the city were built in 2005. So as you search through real estate listings, don’t be surprised to find many homes that are only a couple decades old. 

Newer homes may come with some advantages. They may be more energy efficient, which can be a big cost saver. And you might not have to be concerned about some of the bigger and more costly repairs that typically come with owning an older home, such as structural issues with the roof or foundation. However, even if you’re looking to buy a newer home, it’s very important that you get a detailed inspection to make sure you’re not buying a house that will need expensive fixes right off the bat. 

If you find a newer home that fits your financial goals, you might also discover that some features may feel dated or need upgrades. You can explore potential renovation projects on your Realm dashboard, where you can create a project plan, get accurate cost estimates, and see how much value each project could add to your home. 

Finally, although the summers in Las Vegas get steamy, there is one benefit to living in the desert: you don’t have to worry about floods. Realm’s data analysis revealed that 100% of homes in Las Vegas are outside flood and wildfire risk areas. So all you need to worry about is getting enough shade for your outdoor patio and pool! 

Frequently asked questions about Las Vegas real estate

Is Las Vegas real estate overpriced? 

Like many places across the country, Las Vegas experienced a spike in housing prices in 2020 and into 2021. In fact, in a study conducted by Florida Atlantic University’s College of Business, the city landed in the top 10 of most overpriced real estate markets. Of course, it’s always possible to find good deals and homes that are within your price range. It just may take a little more effort. It can help to use the Realm dashboard to explore the hidden value of potential homes. See what projects would add value to a property and how much it would cost to get them done. 

Is Las Vegas a good place to buy real estate?

This very much depends on your personal goals and your financial situation. If you’re looking for a home to live in for years to come and you have good reasons to live in Las Vegas (like work, family, etc.), it might make sense for you to explore buying a home there. The city also boasts relatively low property tax rates — the county’s effective property tax rate is 0.70%, much lower than the national average of 1.08%. There’s also no state income tax, making real estate in Las Vegas appealing to both homeowners and investors. 

What salary do you need to live in Las Vegas? 

Determining how much you’ll need to live in Las Vegas depends on your lifestyle, your current  financial situation and your financial goals, and the amount you want to spend on housing. It’s important to take stock of your full financial picture, including your debts and other financial obligations, as you assess where you can afford to live. 

Is Las Vegas a cheap place to live?  

Affordability is relative. Las Vegas is cheaper than many other major cities, and depending on your income, it may be an affordable place for you to buy a home. But housing prices have been on the rise. In September 2021, the median home price in Las Vegas was $406,500, up 20.5% from the previous year. Before you start house hunting, it’s always good to take an honest look at your finances and come up with a budget that works for you.