Home prices are dropping in Las Vegas. Here are 5 of the cheapest homes for sale right now — all under $300K.

Thu, 10/26/2023 - 11:17

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Las Vegas, Nevada. — There are some affordable homes in Las Vegas, Nevada right now, as prices have fallen over the last year.
Sean Pavone/Shutterstock

Las Vegas home prices are finally starting to drop, following a pandemic real estate boom.
The median listing home price as of August 2023 was $456,848, down 2.7% from August 2022.
There are two and three-bedroom homes available for well under $300,000.

Home prices are finally starting to drop in Las Vegas, as the real estate market cools down after a pandemic boom.

The housing market in Las Vegas defied projections during the pandemic, thriving when many analysts predicted that it would plummet. Out-of-state buyers, many from California, drove up home prices, while government aid helped keep foreclosures low.

Now the moment has come for prospective buyers looking at Vegas real estate who've just been waiting for prices to drop. The median listing home price as of August 2023 was $456,848, down 2.7% from August 2022, Insider previously reported.

That's not to say that buyers aren't interested in moving to Vegas, though. The city recently came out on top of a list of most popular destinations for relocating homebuyers in a study by real estate company Redfin, while other major cities like San Francisco, Los Angeles, and New York saw the biggest outflow. And according to Redfin, a typical home in Las Vegas costs costs less than half as much as one in San Francisco, Seattle, or LA, the most common cities that relocating buyers are from.

Though the median home price was about $450,000 in Las Vegas, there are plenty of much less expensive options for those on a tighter budget. Read on to see five of the cheapest homes on the market in Las Vegas right now, all under $300,000.

1. Three-bed, two-bath — West Las Vegas: $289,999

Vegas homes — The home has an attached two-car garage.
TrinaMarie Shaw, Signature Real Estate Group/Keith Diamond Photos

Starting off the list is this three-bedroom, two-bath single story home in the West Las Vegas neighborhood. It's located in a gated community, which has a communal pool, jacuzzi, and clubhouse, as well as a patrolling security guard.

The home has only had one other previous owner, according to the agent's description on Realtor.com, At 1,096 square feet, it's also the largest of the homes on this list.

The entry area connects to the living room, which has lots of natural light.

There are ceiling fans throughout the home to help you beat the Las Vegas heat — temperature highs in the summer can hit well over 100 degrees Fahrenheit. A heat wave this past July sent some people to the hospital just for touching the pavement.

The living room connects to the kitchen.

If you're not eating out at one of Las Vegas' popular all-you-can-eat buffets, there's plenty of room at home to cook (or heat up food in the microwave).

The primary bedroom is spacious, with a walk-in closet.

The home is within 20 minutes driving distance from the Las Vegas Strip, which includes classic attractions like casinos, massive hotels, botanical gardens, aquariums, and venues for shows. It's also close to Allegiant Stadium, home of the Las Vegas Raiders, and T-Mobile Arena, home of the city's NHL team.

The home has a covered patio area outside and a backyard.

For when you decide to travel, the home is also not far from the North Las Vegas airport.

2. Two-bed, 2 1⁄2-bath — Alexander Park: $289,990

Las Vegas Homes — The two-story home is in a gated community.
Motion Properties

The second home on this list is 1,017 square feet and newly remodeled, with new flooring, carpets, and fresh coats of paint throughout the home. It has an attached one-car garage, and is in a gated community.

The kitchen is separated from a living or dining space by a half wall.

Las Vegas has a buzzy dining scene, from high-end fine dining restaurants to more casual spots to eat — there are hundreds of restaurants to choose from on the Las Vegas strip alone.

The upstairs has a balcony that overlooks the neighborhood.

And of course, Las Vegas is famous for its nightlife, from nightclubs (and dayclubs) to its many shows and concerts.

3. Two-bed, two-bath — Whitney: $290,000

This one story home is located in the gated 55+ Silver Springs community, which has a clubhouse with a fitness center and entertainment space, along with a pool and spa. It's located next to Clark County wetlands park, which has walking trails, ponds, and areas for bird watching. The house also has solar panels on the roof.

The kitchen and living room have an open-concept floor plan.

The home is also a relatively close drive from Lake Mead, which has seen receding water levels over the last few years.

The primary bedroom has a walk-in closet and en suite bathroom.

When the weather isn't too hot, there are plenty of places to spend time outdoors, both in Las Vegas and in the state of Nevada. There's Great Basin National Park and Spirit Mountain, a sacred Indigenous site in Nevada that was designated a national monument earlier this year.

In addition to the community's outdoor space, the home has its own patio and yard in the back.

Nevada is a popular state for retirees: it saw more than a 57% increase in its senior population from 2007 to 2017, Insider previously reported, which might be in part due to the state's generous tax policies.

4. Two- bed, 1 1⁄2-bath — Sunrise Manor: $279,900

This is the most affordable home on this list — at just under $280K, it's not much more than half the median price of homes in the city. It features recent upgrades, according to the listing agent, and stainless steel appliances. At the back of the house is a patio and additional outdoor space.

The home has an open kitchen and living space, with easy access to the patio outside.

Las Vegas gets most of its water from the Colorado River, which is at historically low levels — to balance economic growth with water conservation, the city is asking new and expanding businesses to show how much water they plan to use before green-lighting them.

There are ceiling fans throughout the home, and washer/dryer units.

The tourism, gaming, and entertainment industries make up a big part of the Las Vegas economy. One prominent investment manager, Jim Chanos, previously told Insider that Las Vegas Strip revenue is a pretty good economic indicator for the behavior of US consumers. In other words, if Americans are still hitting the casinos, that could be a sign that the US economy is still solid.

Both bathrooms have clean layouts with lots of storage.

Some jobs in Las Vegas might soon face automation, though — AI is being used instead of humans for some jobs at restaurants, bars, casinos, and other attractions, Insider previously reported.

5. Two-bed, one-bath — Crestwood: $289,000

This ranch-style home is the closest to Downtown Las Vegas and the Las Vegas strip. It doesn't have a garage, but there's a carport to protect your car from the hot sun.

The living room features a ceiling fan, fireplace, and colorful green and yellow walls.

A new dome-shaped entertainment arena recently opened near the Strip called the Sphere — it has massive internal and external screens that offer wild visuals and optical illusions. It's 366 feet tall and 516 feet wide, has 168,000 speakers, and features a wrap-around LED screen for immersive visuals, Insider previously reported. It's just a 16-minute drive away from this home.

The bedrooms are also decorated in bright, cheerful colors.

Las Vegas is home to some of Yelp's most photographed restaurants, a list that includes Gordon Ramsay's Hell's Kitchen, the Bacchanal Buffet, Vanderpump à Paris, and Catch.

The home has a large outdoor space with a covered patio area, yard, and shed.

There are plenty of things to do in Las Vegas as a local though, away from the tourists at the Strip. There's the botanical garden at Springs Preserve, where you can wander the paths and learn about native plants and wildlife, Lake Las Vegas, and plenty of restaurants and nightlife that don't involve the strip.

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Home prices are dropping in Las Vegas. Here are 5 of the cheapest homes for sal…