As house prices in America’s casino capital continue to inch upward, homebuyers are expanding their search to nearby smaller towns in Southern Nevada for more budget-friendly options.
Despite her generous offers, Katelyn Kane faced repeated disappointment while searching for a new home in the Las Vegas Valley at the start of 2024. After viewing over 10 properties, she even offered $20,000 more than the asking price for one house, yet was still outbid by tens of thousands of dollars. She would drive around to view homes in Las Vegas only to discover a few hours later that the sellers had selected a different buyer.
Tired of the frenzy and feeling discouraged by her futile house hunting, the 60-year-old accountant found herself in Pahrump. Although she had never visited the small town, located just 60 miles west of the City Of Lights, she found a suitable house within her budget and landed a deal without facing any competition.
After spending more than 20 years in the Las Vegas area, Katelyn was "on cloud nine" in her new community.
"I can't imagine anyone not loving it here," Katelyn commented.
And we cannot either - after surging by over 50% during the pandemic, the Las Vegas housing market continued to exhibit elevated prices and high rental rates. 2024 is no exception -the market is starting the year off strong, and while fairly stable, housing prices remain high. So if you want to settle in the City of Angels, you will need to pay an average of $426,000 for a new home, or almost 11% more than you would have a year ago.
By comparison, houses in Pahrump sell much lower - at $350,000 on average, so we can't blame Katelyn for her choice.
From what we can gather, there is no large influx of people from Las Vegas buying properties in Pahrump. According to brokers and builders in the area, however, an increasing number of house hunters from Las Vegas, including newly retired, commuters, and families just starting off, are setting their sights on the west side of the Spring Mountains. The continuing uptrend in land prices in Las Vegas is also prompting local homebuilders to turn their attention to rural communities scattered throughout southern Nevada, including Pahrump, for potential development opportunities and sites for their next projects. That's good news for homebuyers already looking at rural housing developments, which offer cheaper houses and more value for your money.
This content is provided in partnership with The Dream Team at Access Realty, LLC and is intended for informational purposes only. The views, opinions, and advice expressed in this article are solely those of The Dream Team at Access Realty, LLC and do not necessarily reflect the views or policies of any other individual, organization, or entity.
