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.