Las Vegas metro area median home price: $122,700.
In Las Vegas itself, buyers can find houses and condos in the median price range, says Paul Bell, immediate past president of the Greater Las Vegas Association of Realtors and treasurer of the Nevada Association of Realtors.
At that price, single-family homes are often 1,000 to 1,400 square feet, have two or three bedrooms with 1½ baths, and are built anywhere from the late 1960s through the 1990s, he says. Condos could be slightly larger, built in the 1990s or later, he says.
Asking price: $124,000.
A 5-year-old Mediterranean town house in Las Vegas.
Metro median price: $122,700 (down 11.2 percent from one year earlier).*
- 3 bedrooms, 3 bathrooms.
- 1,689 square feet.
- 0.04 acres.
- Hardwood floors and recessed lighting throughout.
- Kitchen with granite counters and breakfast bar.
- Community with pool, gym and clubhouse.
Listed by: Avanti Las Vegas Inc.
In the suburbs for the median price, "the most common floor plan will be a one-story, three-bedroom, two-bath house with approximately 1,500 to 1,600 square feet" in the northern or southwestern part of the Las Vegas Valley, he says.
Often, homes need updating but are sold as is, Bell says.
He remembers one recent home priced at $124,000. But the buyer "would need to spend $15,000 to cosmetically update it and put in one new air-conditioning and heating system," he says.
*Source: National Association of Realtors, fall 2011.