Buying a house in Las Vegas: A how-to
Looking to put down roots in Vegas? You’re not alone — here’s how to buy a home in this growing market.
The Henderson housing market is pretty competitive. The median home sales price in July 2024 has increased in the past 3 months to $499,950. That’s up 3.2% and $15,450 higher than July 2023 of last year. That is higher than the Nevada state median home sales price of $466,900. Homes typically sell after 37 days on market, which is faster than the state average and lower than 39 days in July 2023 a year prior.
The median home price in Henderson was $499,950 in July 2024, up 3.2% from last year.
The real estate market in Henderson had 1,358 homes for sale in July and is up from 1350 homes for sale the month prior and up from 1,150 homes in July 2023.
There were 501 homes sold in July 2024, trending down from 542 homes sold a year ago.
Homes in Henderson are staying on the market for 37 days. That’s 2 days faster than the median in July 2023, which means that the market is more competitive today.
It is considered a seller’s market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.3%, making the average house payment $3,162, which is $237 lower than a year before.
Total months of housing supply available for sale is 2.7 months, up 28.6% from 2.1 month(s) in July 2023.
The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."
Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.
Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.
In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.
Home values have increased by 3.5% since last year, and the number of days it takes to sell a home has decreased from 39 days in July 2023 to 37 days in July 2024.
The best time to sell your home in Henderson is in July, when homes sell fastest and for the most money.
Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $29,997 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.
Homes in Henderson have a median price of $499,950, which means you’ll need $49,995 for a 10% down payment. Housing costs have increased 3.5% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.
Home values are only one part of the home affordability equation. When buying a house in Henderson, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to a down payment of $49,995 you should have $19,998 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.
Henderson home values are 6.1% cheaper than Lehi and 6.6% more expensive than the state median home value.
The Henderson real estate market has a median sale price of $499,950, which is 6.6% higher than the state median sale price of $466,900. Compare other markets or nearby cities, as they can vary significantly.
Henderson, NV | Lehi, UT | Nevada |
---|---|---|
Median home sale | Median home sale | Median home sale |
$499,950 | $530,300 | $466,900 |
Days on market | Days on market | Days on market |
37 | 61 | 40 |
Monthly house payment | Monthly house payment | Monthly house payment |
$3,162 | $3,300 | $2,957 |
Cost to buy a house | Cost to buy a house | Cost to buy a house |
$69,993 | $74,242 | $65,366 |
Cost to sell a house | Cost to sell a house | Cost to sell a house |
$34,996 | $37,121 | $32,683 |
Navigating the Henderson housing market can be tricky, but you don’t have to go it alone. When you're ready to learn more, reach out to a local Henderson real estate agent to get the process started. We recommend interviewing multiple candidates and coming prepared with a list of all your questions.
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